Monitoring Desk
ISLAMABAD: A private think tank on Tuesday revealed that as New Zealand’s companies battle soft demand, cost pressures, and higher interests its business confidence in last year’s fourth hit its lowest level in nearly 50 years, that is, since 1974.
The New Zealand Institute of Economic Research, (NZIER)’s quarterly survey regarding the business opinion of firms reported that as many as 70 percent of firms surveyed expected general business conditions to get worse compared with 42 percent pessimism in the previous quarter.
Business confidence of seasonal basis fares even worse
The report highlighted that at present that business confidence was at its lowest level since 1974, however, if it were adjusted seasonally then it is the weakest since the survey was launched in 1970.
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In terms of a seasonally adjusted basis, 73 percent expected business conditions to worsen as compared to 43 percent pessimism recorded in the previous period.
According to NZIER the survey was carried out following an unexpected central bank meeting which was weighing on market sentiment.
