NZIER QSBO: New Zealand business confidence at lowest since 1974

According to the latest New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO), “New Zealand's business confidence in the fourth quarter of last year hit its lowest level since 1974 as companies grapple with higher interest rates, cost pressures and soft demand.” The survey also mentioned that the business confidence is the weakest since the survey started in 1970 if adjusted seasonally.

Key finding (via Reuters)

A net 70% of firms surveyed expected general business conditions to deteriorate compared with 42% pessimism in the previous quarter.

More to come