New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO)
The 'headline to this is Q2 business confidence -34%, its lowest since Q1 of 2009 (ie in over ten years)
- prior -29%
- seasonally adjust confidence is -31 (prior -28)
NZIER comment:
- result suggest a softening in GDP growth in H2 of 2019, to below 2% y/y
(The full QSBO report is only available to members of NZIER)
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Not going to be much of a positive for the NZD. Suggests further RBNZ rate cuts yet to come.
