Quarterly Survey of Business Opinion (QSBO) from the New Zealand Institute of Economic Research (NZIER)
From the report, in brief:
- The latest NZIER Quarterly Survey of Business Opinion (QSBO) showed some positive developments, with both business confidence and firms’ own trading activity recovering slightly from the weak level seen in the December quarter
- The survey also indicated signs of capacity pressures easing in the New Zealand economy as demand further weakened in the first quarter of 2023
- a net 61 percent of businesses expect a deterioration in general economic conditions over the coming months on a seasonally adjusted basis. This was a slight recovery from the weakest level seen for this indicator in the previous quarter.
- Firms’ own trading activity also saw a slight improvement, though a net 10 percent still reported a decline in the March quarter.
- We expect the disruptions from the floods and Cyclone Gabrielle earlier this year to further weigh on economic activity in the short term.
NZD/USD is barely changed.
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The Reserve Bank of New Zealand meet on Wednesday, 5 April 2023: