Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ business confidence rises to near 15-year high

NZ business confidence rises to near 15-year high on surge in retailers’ sentiment

Nov. 28 (BusinessDesk) - New Zealand business confidence rose to near a 15-year high this month, led by a surge in sentiment among retailers and a happier agricultural sector. Expectations for hiring, investments, activity and pricing all rose.

A net 60.5 percent of firms expect general business conditions to improve in the year ahead, up from 53.2 percent last month, according to the ANZ Business Outlook survey. Firms seeing a pickup in their own business activity in the year ahead held unchanged at 47.1 percent.

ANZ’s composite indicator of business and consumer confidence is indicating potential for annual economic growth to accelerate to 5 percent by mid-2014. ANZ chief economist Cameron Bagrie said that was ‘pie-in-the-sky stuff though “we agree with the spirit of strong growth ahead.”

With the peak Christmas-New Year spending season looming into view, retailers emerged as the most confident group this month, with a net 69.5 percent upbeat about the year ahead, up from 48 percent in October.

In agriculture, which is the laggard in the survey, confidence rose to 51.2 percent from 46.3 percent and their view of their own activity improved to a still-weak 39.1 percent from 23.8 percent.

Agriculture was overtaken by construction, with general confidence rebounding to 60 percent from 40.7 percent, which its own activity measure of confidence rose to 45.7 percent from 44.5 percent.

Manufacturing improved to 52.7 percent with an own activity reading of 48.6 percent and services remained bullish at 64.6 percent being upbeat about the general economy, from 64.5 percent a month earlier, while own activity fell to 49.4 percent from 52 percent.

Profit expectations improved to 37.3 percent from 28.9 percent and a net 25.3 percent of firms expect to raise prices in the coming year, up from 22 percent in October.

Export intentions rose to 30.8 percent from 26.9 percent while investment intentions improved to 22.3 percent from 18.8 percent.

Inflation expectations edged up to 2.43 percent from 2.38 percent and hiring intentions climbed to 23 percent from 18.7 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news