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Business outlook lifts in September

NZ NewswireNZ Newswire 30/09/2016 Sophie Boot

New Zealand firms had a more positive outlook in September about both their own prospects and the wider economy, with employment intentions and profit expectations rising.

A net 27.9 per cent of firms were optimistic about the general economic outlook over the coming year, up from a net 15.5 per cent in August, according to the ANZ Business Outlook.

A net 42.4 per cent of companies see their own activity expanding, compared to a net 33.7 per cent a month earlier.

Increased profits were expected by a net 34.4 per cent of the 413 respondents compared to a net 22.2 per cent in August, while a net 25.3 per cent are expecting to hire more staff in the year ahead, up from 19.2 per cent a month earlier.

"The economy remains odds-on to put in another good year," ANZ Bank New Zealand chief economist Cameron Bagrie said in his report.

"Our confidence composite indicator - which combines both business and consumer sentiment - is pointing to GDP growth accelerating from its current pace of 3.5 per cent. "The New Zealand economy remains a furlong out in front of most developed-nation peers."

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