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An index measuring the business outlook over the next 12 months in New Zealand came in with a score of 47.1 in October, the latest survey from ANZ Bank revealed on Thursday.
That's up from 45.3 in September.
Overall business confidence saw a score of 53.2, down slightly from the 14-year high figure of 54.1 in the previous month.
Inflation expectations for the next year came in at 2.38 percent, the survey showed, up from 2.31 percent a month earlier.
