"The National Bank survey
showing a decline in confidence last month is to be expected
given recent exchange rate and petrol price volatility,"
Finance Minister Michael Cullen said today.
"However a net
38.5 percent overall, and a net 48 percent of manufacturers,
are expecting real exports to increase over the next 12
months.
"This is consistent with the results of the
September Canterbury Manufacturers' Association survey, out
late last week, showing average export turnover had
increased 13.5 percent since September last year.
"Over
time, the export recovery will feed back into the domestic
economy. That is why the Treasury and most private sector
forecasters are still relaxed about the medium term economic
outlook," Dr Cullen said.
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