New Zealand’s business confidence sees uplift in June.

Eamon Connor June 29, 2023 Business

New Zealand’s Business Confidence Improves

In June, New Zealand’s business confidence showed improvement, reaching its highest level since November 2021. According to a survey conducted by ANZ Bank, expected own activity also moved into positive territory for the first time in 14 months.

Positive Shift in Business Expectations

The survey revealed that while a net 18% of respondents expected the economy to deteriorate over the year ahead, this was a significant improvement compared to the previous poll in May, which showed a pessimism level of 31.1%.

Growing Optimism for Own Businesses

Furthermore, a net 2.7% of respondents expressed expectations for their own businesses to grow in the next 12 months. This indicates a positive shift compared to the previous month’s survey, where 4.5% anticipated contraction.

Cautious Optimism in Business Activity

ANZ Chief Economist Sharon Zollner stated that many activity indicators rose in June in a reasonably broad-based manner. While some levels remain subdued, firms appear to be cautiously optimistic that the worst may be over.