A net 70% of firms surveyed expected general business conditions to deteriorate compared with 42% pessimism in the previous quarter, the New Zealand Institute of Economic Research's quarterly survey of business opinion showed.
It added that business confidence is now at its lowest level since 1974, while on a seasonally adjusted basis it is the weakest since the survey started in 1970. On a seasonally adjusted basis, 73% expected business conditions to worsen, versus 43% pessimism recorded in the previous period. The survey's measure of capacity utilisation fell to 93.7%, from the previous quarter's 94.5%.
NZIER said the survey was undertaken following the more hawkish than expected central bank meeting in November and this was weighing on sentiment. The builders and retailers were the most downbeat in the December quarter. Firms have become much more cautious and are now looking to reduce staff and investment plans, NZIER said in its report.Reporting by Lucy Craymer in Wellington Editing by Matthew Lewis
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NZIER QSBO: New Zealand business confidence at lowest since 1974According to the latest New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO), “New Zealand's business confid
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