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.
Reporting and Editing Information
Reported by Renju Jose in Sydney; Edited by Himani Sarkar
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