New Zealand business confidence weakens further as strain felt: ANZ survey

BUSINESS confidence in New Zealand fell in May as companies feel the strain of an economic slowdown, an ANZ Bank survey showed on Wednesday.

The survey’s headline measure showed a net 11.2 per cent of respondents expected the economy to improve over the year ahead, versus a 14.9 per cent optimism level in the previous poll in April.

A net 11.8 per cent of respondents expected their own businesses to grow in the next 12 months, versus 14.3 per cent last month.

“The manufacturing sector was, surprisingly, much chirpier this month, but the services sector is now feeling the chill as the economic slowdown broadens,” said ANZ in a note. “It’s all part of the RBNZ’s plan.” REUTERS