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Business confidence in New Zealand soared to a six-month high in June, according to an ANZ survey. A total of 20 percent businesses are positive about the economic outlook in the coming year, up 9 points from May.
According to the survey, a net 35 percent of businesses were upbeat about their own business outlook, as compared with 30 percent in May. This is robust and above average. Most confident were construction sector and the services sector with 37 percent and 36 percent respectively anticipating the New Zealand economy to improve.
According to the survey, intentions for investment grew two points to 17 percent, whereas employment intentions remained stable at 18 percent. The survey showed that profit expectations kept increasing. A net 22 percent of firms anticipate profits to increase, up from 20 percent in the previous month.
Meanwhile, export intentions rose marginally to 24 percent in June from May’s 21 percent. Construction intentions continued to be high, Residential investment intentions were at a net 29 percent, whereas commercial construction intentions dropped a bit to 28 percent from May’s 29 percent. A housing boom is predominantly boosting construction activity.
In the mean time, expectations for inflation rose to 1.5 percent in June from 1.4 percent in May. Pricing intentions continue to fluctuate. A net 20 percent anticipate prices to rise in the coming year, a slight decline from 22 percent in May. Overall, the scenario, after adjusting for seasonality, is mostly the same, noted ANZ.
In its research report, ANZ stated that hardly a suite of good news has been seen in the past month; however, the good still continues to outweigh the negatives. The Reserve Bank of New Zealand kept rates on hold in its previous meeting. The New Zealand dollar has appreciated, prices of oil have increased and there is an indication of another low dairy payout.
The ANZ composite growth indicator that combines consumer as well as business confidence is giving a solid mandate for growth. The indicator is flagging growth in a range of between 3 percent and 3.5 percent in the year ahead, said ANZ. It is indicating at possible growth acceleration. Meanwhile, the monetary policy outlook is challenging. There is likelihood that the RBNZ will cut the OCR, according to ANZ.
