New Zealand ANZ Business Confidence jumped to 9.4 in December, up from-6.9. That’s the first positive reading since August 2017. Own Activity index rose to 21.7, up from 9.1, highest since March 2018.
ANZ added, “the New Zealand economy is showing impressive resilience. After a 14% bounceback in the September quarter, the economy is the same size it was pre-COVID.” Nevertheless, “it’s not the same shape” with “some real stresses and strains, in both overheated sectors like construction, and chilled ones like tourism.” Also, “we expect a technical recession in Q4 and Q1 as the policy-fuelled bounce fades and the tourism hole hurts”.
