New Zealand Business Confidence Hits 7 Month Highs

30 March 2012 21:00 - Victoria Wedderburn

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New Zealand Business Confidence Hits 7 Month Highs

According to a survey released by the National Bank of New Zealand, New Zealand business confidence rose to a seven month high in March.

33.8% of companies surveyed expect that the economy will improve over the next year, a substantial improvement from 28% in February.

This improvement in confidence was led by a sharp rise in confidence in the construction sector, which hit a 23 month high, followed by services and manufacturing.

The National Bank’s monthly business outlook also showed that respondents who expect to see improvement in their own business conditions in increased to 39% from 31%.

ANZ-National chief economist Cameron Bagrie said, “We’re moving in the fight direction in terms of underlying economic improvement and growth.”He said that the survey showed similar lifts with employment, investment and profit expectations all rising, indicating a 4% year-on-year growth by the middle of the year.

However, high unemployment and global uncertainty are expected to see the Reserve Bank of New Zealand hold interest rates steady for most of 2012.

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Related Links:
• The National Bank of New Zealand
Business Outlook: March 2012
• Reserve Bank of New Zealand
New Zealand's Central Bank
• ANZ
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