March 10, 2020 / 12:16 AM / 24 days ago

NZ business confidence plummets in preliminary March survey on coronavirus fears

FILE PHOTO: Shoppers stand outside a retail store displaying a sales sign in central Wellington, New Zealand, July 3, 2017. Picture taken July 3, 2017. REUTERS/David Gray

WELLINGTON (Reuters) - New Zealand’s business sentiment plunged in March over concerns of the potential impact of the coronavirus outbreak, a preliminary survey conducted by ANZ Bank showed on Tuesday.

The survey’s headline measure showed a net 53.3% of respondents expected the economy to deteriorate over the year ahead. It compared with a 19.4% pessimism level in the previous poll in Feb.

Firms expected own activity was the lowest since March 2009 with a net 12.8% of respondents expecting their own businesses to shrink in the next 12 months. That compares with 12.0% respondents expecting business to grow in last month’s survey.

Preliminary results for the March ANZ Business Outlook survey cover the period March 2 to midnight 9 March. Final results are expected to be released on March 31.

Reporting by Praveen Menon; Editing by Muralikumar Anantharaman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below