NZ business confidence drops in July: ANZ bank

[WELLINGTON] New Zealand business sentiment fell in July thanks to a regular winter blip, an ANZ Bank monthly survey showed on Monday.

The survey's headline measure showed a net 19.4 per cent of respondents expected the economy to improve over the year ahead, compared with a 24.8 per cent optimism level in the previous poll.

ANZ economists said the Pacific nation's colder months usually coincided with a drop in confidence. Rising construction costs and labour skill shortages also curbed optimism, while a recovery in dairy prices provided support.

A net 40.3 per cent of respondents expected their own businesses to grow in the next 12 months, from 42.8 per cent last month.

REUTERS