New Zealandís Economic Recovery Isnít Looking Promising

10 July 2012 00:00 - Phoebe Robinson

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New Zealandís Economic Recovery Isnít Looking Promising

The New Zealand Institute of Economic Research has posted news of pessimism within the economy. They have said that New Zealand firms have become less optimistic in the second quarter as the countryís recovery has fallen far behind expectations.

The NZIER survey in the latest quarter showed that a net 1% of firms were not optimistic about the countryís business situation, this figure compares to the 24% who were optimistic about the business situation in the previous quarter. Their trading activity edged up to 1% from 0% in the last quarter.

"People keep expecting the recovery to get back to the old way, but that hasn't happened," said principle economist, Shamubeel Eaqub.

A net negative 6% of financial services firms have confirmed they expect rates to rise in the coming year, compared to a net 57% in the last fiscal quarter. This shows signs that companies are picking rates to stay down and it is unlikely that the Reserve Bank will raise rates until 2014. Eaqub says that "The current rate is inappropriately high.Ē  Last month the Reserve Bank kept the official cash rate at a record-low of 2.5% as a result of the Eurozone crisis.

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Related Links:
• The New Zealand Institutue Of Economic Research
Offical Site
• Reserve Bank Of New Zealand
Official Site

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