28 August 2003 Media Statement

Confidence data encouraging – Cullen

The latest National Bank Business Outlook showing a third consecutive increase in headline confidence and a rebound to net 26 per cent positive in the own activity indicator is reassuring, Finance Minister Michael Cullen said today.

“Other encouraging signs among the results are the continuing low inflation expectations and a sharp increase from last month in firms’ hiring intentions.

“This is in line with other data indicating that the economy has weathered the external shock of the first half of the year well, and probably better than most commentators were expecting, and that it is well-positioned to benefit from any global recovery,” Dr Cullen said.

ENDS

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