2020.04.0703:59:00UTC+00New Zealand Business Confidence Deteriorates In Q1

New Zealand business confidence deteriorated notably in the first quarter, survey data from the New Zealand Institute of Economic Research showed on Tuesday.

A net 67 percent of businesses expect deterioration in general economic conditions in the March quarter.

The survey was conducted prior to the announcement of lockdown to contain the spread of coronavirus, or COVID-19.

Further, the survey revealed that a net 11 percent reported weaker demand in their own business in the first quarter, and a net 13 percent forecast weaker demand in the next quarter.

Although the pessimism was broad-based across the sectors, the services sector was particularly pessimistic. A net 76 percent expect weaker economic conditions over months ahead.

Manufacturers were also downbeat, while prospects for the building sector were mixed in the first quarter.