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New Zealand Business Confidence April 2023

New Zealand: Business sentiment ticks down in April

The ANZ bank business outlook indicator dipped in April. As a consequence, a net 43.8% of firms reported that they expect general business conditions to worsen in the year ahead, down from a net 43.4% of firms expecting bleaker general business conditions in the year ahead in March. As a result, the headline remained deeply entrenched below the net-0% threshold that separates pessimism from optimism among businesses.

Business grew more downbeat with regards to profit intentions. That said, pricing intentions moderated, although they remained still double the pre-Covid normal.

Meanwhile, firms’ outlooks regarding their own activity—a metric which has a stronger correlation to GDP growth—rose to a net minus 7.6% in April from a net minus 8.5% in March.

Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:

“The RBNZ will be encouraged to see the ongoing fall in the inflation indicators in the survey. While there’s still a way to go, inflation is set to continue easing over the year ahead.”

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