New Zealand Firms Haven't Been This Glum Since Financial Crisis
- Business confidence slumps after new government takes office
- Kiwi dollar declines on risk of weaker economic growth
Auckland, New Zealand.
Photographer: Brendon O'Hagan/Bloomberg
This article is for subscribers only.
New Zealand business confidence has tumbled to its weakest since the global financial crisis amid uncertainty over the policies of a new center-left government.
A net 39.3 percent of firms expect the economy to deteriorate in the next 12 months, ANZ Bank New Zealand said Thursday in its business outlook report. That’s down from 10.1 percent in October and the lowest reading since March 2009. A separate gauge of expectations for their own activity also fell to an eight-year low.