The New Zealand Institute of Economic Research (NZIER) said on Tuesday that business confidence was broadly unchanged in the fourth quarter, with a seasonally adjusted net 23% of surveyed firms expecting general conditions to improve over the next six months compared to a net 22% in the previous quarter.
On an unadjusted basis, a net 31% of firms economic conditions to improve in the next six months in the fourth quarter as opposed to a net 36% in the third quarter.
"Firms are optimistic about the economic outlook and their recent performance has been improving gradually. But the recovery to date has been slower than firms expected. The flat-lining of confidence is consistent with businesses remaining optimistic, but waiting for reality to catch up with expectations," said Shamubeel Eaqub, principal economist at NZIER.
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