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More businesses optimistic about outlook - survey

Radio New Zealand logo Radio New Zealand 4 days ago
a man smiling for the camera © RNZ / DOM THOMAS

Business confidence is showing few signs of buckling in the face of the prolonged Covid-19 lockdown.

The ANZ bank's early review of sentiment for the showed firms more optimistic about their own outlook at a net 26 percent from 18 percent in September.

The headline view of the broader economy outlook was only slightly more pessimistic at a net 8.6 percent.

The survey also separated out Auckland responses, which showed firms there reporting higher business confidence, own activity expectations, investment and export intentions, and profit expectations.

ANZ chief economist Sharon Zollner said Auckland firms were showing real "fortitude".

"One possible explanation is that the expectation questions implicitly compare to today. If Auckland firms expect restrictions to ease, they'll expect more activity."

The survey did confirm no ease up in inflation and cost pressures, with nearly two-thirds of firms expecting to raise their prices in coming months and 85 percent expecting higher costs.

Zollner said the survey was encouraging but she would wait for the full month results due in a fortnight.

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