Confidence slump indicates NZ recession
Wednesday, 9 July 2008
WELLINGTON, July 8 (AFP): Slumping New Zealand business confidence is at its lowest ebb for some 26 years, indicating the country's economy could be in recession until September, a survey released today said.
The New Zealand Institute of Economic Research's quarterly survey of business opinion showed most firms surveyed said their activity had declined in the June quarter.
Amid global concerns about stalling growth, New Zealand firms also expected a further decline in the three months to September, according to survey data showing the greatest level of pessimism for around 26 years.
The survey indicated economic activity in New Zealand declined in the three months to June and was likely to do so again in the September quarter, the institute's chief executive Brent Layton said.
The New Zealand Institute of Economic Research's quarterly survey of business opinion showed most firms surveyed said their activity had declined in the June quarter.
Amid global concerns about stalling growth, New Zealand firms also expected a further decline in the three months to September, according to survey data showing the greatest level of pessimism for around 26 years.
The survey indicated economic activity in New Zealand declined in the three months to June and was likely to do so again in the September quarter, the institute's chief executive Brent Layton said.