New Zealand Business Confidence Increases

31 July 2012 02:00 - Lucy Williams

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New Zealand Business Confidence Increases

A recent bank survey has shown that New Zealand’s business confidence is recovering for the first time since April as interest rates remain at record lows. A shaky global economic outlook has kept the country’s interest rates on hold.

According to the National Bank of New Zealand a net 24 percent of businesses are expecting growth within the next year. This figure shows an increase of 4 percent from the business optimism level recorded in June. Other statistics released by the National Bank Business Outlook reported that a net 15.1 percent of businesses surveyed predict a better economy in the upcoming months. However some sectors appear to be increasingly pessimistic with the New Zealand construction sector showing deterioration in confidence as just 4.3 percent of companies expecting a rise in construction work.

Despite confidence levels increasing, the New Zealand economy remains in second gear, according to Cameron Bagrie of the National Bank of New Zealand. Bagrie stated that “the nation’s economic compass is polarised”.

The country’s central bank left its key rate unchanged at 2.5 percent as a result of low inflation and modest domestic activity. Additionally, in terms of the New Zealand dollar it is holding steady at $0.8095. Central bank meetings are occurring later this week with the US Federal Reserve, the European Central Bank and the Bank of England due to make decisions on rate policies.

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Related Links:
• National Bank Of New Zealand
Official Website

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