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New Zealand consumer confidence soars in fourth quarter: Westpac survey

Monday, December 19, 2016 - 07:10

[WELLINGTON] Consumer confidence in New Zealand rose 5.2 points in the fourth quarter to 113.1, a survey showed on Monday, driven by the recovering dairy industry.

The lift in the Westpac-McDermott Miller consumer confidence index was the largest quarterly rise in four years, boosted by recovering milk prices which has eased pressure on farmers in recent months.

"Gains in confidence have been widespread," said Michael Gordon, acting chief economist at Westpac. "Notably, there's has been a marked lift in confidence among rural households." A reading above 100 indicates more optimists than pessimists.

REUTERS

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