New Zealand business confidence drops in January on coronavirus fears

[WELLINGTON] New Zealand's businesses sentiment dropped in January as the coronavirus outbreak in China caused widespread alarm about the outlook for the economy and the prospects of firms, an ANZ Bank survey showed on Thursday.

The survey's headline measure showed a net 19.4 per cent of respondents expected the economy to deteriorate over the year ahead, compared with 13.2 per cent in the previous poll in December.

A net 12.0 per cent of respondents expected their own businesses to grow in the next 12 months, from 17.2 per cent last month.

REUTERS