New Zealand's business confidence in the December quarter fell slightly from the 10-year high recorded in September, according to a survey
by the New Zealand Institute of Economic Research (NZIER) on Tuesday.
In actual terms 31 percent of firms surveyed expected the general business situation to improve in the next six months in the December quarter, down from 36 percent in the September quarter, NZIER said.
But on a seasonally adjusted basis, a net 23 percent of firms in its Quarterly Survey of Business Opinion (QSBO) were optimistic, the highest level in a decade. In the September survey the figure was 22 percent.
"The economy remains in a holding pattern: expectations are rising across most indicators, but these are yet to be translated into action," NZIER said on Tuesday.
"For example, retailers expect sales to surge, yet they are not ordering new stock," it added.
NZIER principal economist Shamubeel Eaqub said the recovery to date had been slower than firms initially expected, but businesses still had an optimistic outlook.