BNZ Confidence Survey Results - September 2015
Other surveys show businesses in New Zealand to be very down in the mouth - which is perhaps not surprising considering the decline in our previous rock star sector - dairy - and the worries being expressed about our previous rock star export destination - China. But unlike countries where things which are exported are usually made from many smaller things which have been imported, the fall in our currency is providing a clear net boost to many export sectors. Tourism particularly is being turbocharged, but operators are also happy about the lower currency and noting improving sales in manufacturing, education, wine, Kiwifruit, advertising, business consultancy, retailing and packaging. Growth in our economy is slowing and interest rates will be cut again. But balancing factors are already in play so a recession scenario remains of very low probability.