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New Zealand business confidence: Economy is certainly not crawling, but it’s hardly gliding along

New Zealand ANZ business confidence dropped to -20 in March, down from -19. That means a net 20% of businesses are pessimistic about the year ahead.

Highlights from the release:

  • Headline business confidence and firms’ views of their own activity have trodden water in March, both little changed from the preceding month.
  • Belying the headline measures somewhat, all key activity indicators improved further, albeit while remaining well off their cycle highs.
  • Pricing indicators were broadly steady

ANZ also added:

  • The economy is certainly not crawling, but it’s hardly gliding along.
  • Activity indicators increased pretty much across the board but remain below the levels of six months ago.
  • Our composite growth indicator, which combines business and consumer confidence, continues to suggest growth around 2-3% y/y.
  • Inflation expectations and pricing intentions were little changed.

Full release here.

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