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Financial News: New Zealand Business Confidence Rises Less Than Estimated

New Zealand Business Confidence Rises Less Than Estimated

05/31/2021 - 02:35:00 (RTTNews)

(RTTNews) - New Zealand business sentiment improved much less than estimated in May, final data from ANZ showed on Monday.

The business confidence index rose to 1.8 in May from -2.0 in April. According to flash estimate, the score was 7.0 in May.

Although business sentiment and activity indicators were lower in the late-month May sample, all indicators for May as a whole were still higher than in April.

The own activity outlook index improved to 27.1 in May from 22.2 in the previous month, but the reading was below the flash 32.3.

Similarly, investment intentions rose 2 points to 18.9 percent and below the preliminary value of 20.8 percent. Employment intentions lifted 4 points to 20.5 percent, compared to the preliminary level of 22.1 percent.

Capacity utilization rose 3 points to 20.1 percent in May. The flash score was 16.5 percent.

Inflation pressures continue to increase in May. Cost expectations rose 5 points, with a net 81.3 percent of respondents reporting higher costs and a net 57.4 percent of respondents intend to raise their prices. General inflation expectations rose to 2.22 percent.

Profit expectations grew 4 points to 3.9 percent and export intentions rose 3 points to +12.2 percent. A net 38 percent of firms expect credit to be harder to get.

Residential construction intentions rose 2 points to 20.8 percent in May. Commercial construction intentions climbed 3 points to net 8.3 percent.

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