New Zealand NZIER Quarterly Survey of Business Opinion showed, in Q4 on a seasonally adjusted basis, a net 73% of businesses expect general economic conditions to deteriorate over the coming months. That’s the worst level in the survey’s history.
A net 13% of businesses reported a decline in their own activity over the past quarter, worst since Q2 2020 during the full impact of the first pandemic lockdown. A net 33% expected decline in activity in the coming quarter.
“Firms have also reduced investment plans substantially, particularly when it comes to investment in buildings,” NZIER said. Retail businesses were feeling “very downbeat”, it found.
