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Anne Boniface, Senior Economist at Westpac, notes that the New Zealand’s business confidence fell further in the September quarter, and is now at its lowest level since 2009.

Key Quotes

“On its own today’s data suggests some downside risk to our 0.7% GDP growth forecast for Q3. However, we’re not leaping to conclusions too quickly. Q2 growth was much stronger than foreshadowed by business confidence, and other direct indicators of economic activity have held up much better.”

“The detail in today’s release supports our view that there will be a lull in investment and hiring over the coming year.”