New Zealand [business][1] confidence weakened more than initially estimated in March, survey results from ANZ showed on Wednesday.
The business confidence index fell to -4.1 in March from 7.0 in February. The flash reading was 0.0.
Business confidence as well as activity indicators ticked down in March, consistent with the view that the [economy][2] would start to struggle a bit more as the lack of tourists reached its seasonal cash-flow peak impact and the unsustainable bounce in retail spending started to dissipate, ANZ said.
Firms’ own activity outlook fell 4 points to 17 percent in March. While investment intentions declined 4 points, employment intentions advanced 4 points. Capacity utilization was largely unchanged at 14.6 percent.
Inflation pressure remained high. Cost expectations rose 1 point to a net 73.3 percent of respondents reporting higher costs. At the same time, a net 47.3 percent intend to raise their prices, a historically very high level.
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