Wellington, New Zealand (4E) – Confidence among New Zealand businesses continued its downward path in June but stayed above the long-run average, according to the business outlook survey results released by ANZ Bank on Monday.
The net percentage of respondents who expected an improvement in business conditions over the next 12 months fell to 42.8 percent from a net of 53.5 percent in the previous survey. Net confidence is the percentage of optimistic respondents minus the percentage of pessimistic respondents.
In the coming year, a net 45.8 percent of respondents expected an improvement in their own business activity, lower compared with 51.0 percent in April.
ANZ’s chief economist Cameron Bagrie said that while confidence remains historically high, the level is now beginning to look a little more realistic, which is typical when an economy transitions into economic expansion.