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(CEP News) - Business opinion in New Zealand improved to -19 in the third quarter from -64 in the second quarter, according to a survey done by the New Zealand Institute of Economic Research on Monday.
Nevertheless, the report said economic data points to a continued recession for the rest of 2008, with GDP declining 0.2% in the second quarter and recent indicators suggesting another decline was recorded in the third quarter. The survey showed that 32% of firms have seen a decline in their activity, the lowest number since March 1991. The sharpest decline in business sentiment was seen in the South Island region, at -26, but is still an improvement from the second quarter's -65 reading. 79% of financial services companies said they expect interest rates to become lower in the next 12 months, up from only 8% of firms in the second quarter survey. By Megan Ainscow,
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