Business confidence in New Zealand fell notably in June, the latest survey from ANZ Bank showed Tuesday.
The business confidence index declined markedly to -2.3 from 15.7 in the previous month, with the index dropping into negative territory for the first time since the February 2011 Christchurch earthquake. The survey showed that a net 2 percent of businesses were pessimistic about the general economy.
The index measuring firms' expectations of activity also declined, as the index slid to a three-year low of 23.6 in June from 32.6 in the preceding month, declining below its average level.
However, inflation expectations accelerated to 1.68 percentage in June from 1.62 percentage in the previous month.
The results of the survey revealed weakness in the agricultural sector, negative profit, employment and investment intentions as well as business sentiment. The survey also showed strain in cash flow to the dairy sector.
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