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Business sentiment in New Zealand improved during the month of September, following rising expectations of a wider economic growth with employment and profit intentions rising as well.
A net 27.9 percent of firms were optimistic about the general economic outlook over the coming year, up from a net 15.5 percent in August, data released by the ANZ Business Outlook showed Friday. A net 42.4 percent of companies see their own activity expanding, compared to a net 33.7 percent a month earlier.
Further, increased profits were expected by a net 34.4 percent of the 413 respondents compared to a net 22.2 percent in August, while a net 25.3 percent are expecting to hire more staff in the year ahead, up from 19.2 percent a month earlier.
In addition, Construction expectations were strong, with a net 41 percent of respondents expecting more residential construction in the year ahead, up from a net 36.4 percent in August, while a net 27.3 percent were optimistic about the commercial construction sector's outlook, compared to 23.8 percent a month earlier.
A net 13 percent of respondents see an expansion in livestock investment, compared to a net 11.6 percent expecting a contraction a month earlier. Businesses thought it was easier to get credit in September, with a net 8.7 percent finding it hard, from a net 14.3 percent in August, the data showed.
However, despite the rise in business optimism, a dwindling economic performance amid a strong inbound migration has grounded consumer sentiments while a recovery in global milk prices has eased concerns about the health of rural New Zealand.
"The economy remains odds-on to put in another good year. Our confidence composite indicator, which combines both business and consumer sentiment, is pointing to GDP growth accelerating from its current pace of 3.5 percent. The New Zealand economy remains a furlong out in front of most developed-nation peers," said Cameron Bagrie, New Zealand Chief Economist, ANZ.
