July 6, 2020 / 10:26 PM / a month ago

New Zealand business confidence remains low in second quarter: NZIER survey

FILE PHOTO: Containers sit stacked at a port terminal with residential houses on a hill behind in Wellington, New Zealand, July 2, 2017. REUTERS/David Gray

WELLINGTON (Reuters) - New Zealand business confidence improved slightly in the June quarter but businesses remain pessimistic about general economic conditions over the coming months, a private think tank said on Tuesday.

A net 63% of firms surveyed expected general business conditions to deteriorate compared with 70.0% in the previous quarter, the New Zealand Institute of Economic Research’s (NZIER) quarterly survey of business opinion (QSBO) showed.

Seasonally adjusted data showed business confidence at 59% in the second quarter versus 68% in the previous quarter.

The survey’s measure of capacity utilisation was 92.8%, up from the March quarter’s 92.1%.

Reporting by Praveen Menon; editing by Chris Reese

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