Confidence among New Zealand businesses tumbled for the first time in seven months in May as they turned gloomy about the global economic climate, particularly the situation in Europe, a key survey revealed Thursday.
The National Bank of New Zealand said a net 27.1 percent of respondents expect business conditions to improve over the coming year. This was lower than 35.8 percent in April. Optimists accounted for 38 percent of responses, and pessimists 11 percent.
Businesses expectations among firms weakened in May with the corresponding indicator falling to 34.9 from 36.1 in April. However, companies remained optimistic regarding their own prospects.
by RTT Staff Writer
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