Attached please find the results of our July 6 survey of Weekly Overview readers.
Consistent with other surveys released recently which have shown little change in business sentiment our monthly survey of Weekly Overview readers has revealed a net 27% expect the economy will deteriorate over the coming year. This is little changed from a net 26% pessimism last month but well up from the deep pessimism which existed late last year and early this year. Talk of recession is absent but caution dominates. The lower exchange rate is boosting confidence amongst exporters but they are generally cautious about the impact on their profits given rising costs.
Bank of New Zealand