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The ANZ Business Outlook Survey for July paints an unhappy picture of NZ economy, according to Sharon Zollner, Chief Economist at ANZ.

Key Quotes

“Headline business confidence dropped to a net 45% of respondents reporting they expect general business conditions to deteriorate in the year ahead, down 5 points.”

“Firms’ perceptions of their own prospects are a better gauge of economic outcomes, but the news wasn’t upbeat here either: it dropped 5 points to a net 4% expecting an improvement.”

“This is the lowest reading since May 2009 and well below the long-term average of +27. By industry, retailers remain the least positive about their own activity (-4%) despite still-robust consumer confidence.”