35% of NZIER survey respondents predict worsening economic conditions, and the New Zealand economy likely contracted in Q2 due to weakening demand and job cuts.
NZIER's business outlook survey reveals a gloomy outlook across all sectors, with 35% of respondents predicting worsening economic conditions. The survey indicates that the New Zealand economy likely contracted in the June quarter due to weakening demand and job cuts. However, there is some hope for falling inflation, with the decline in cost and pricing indicators suggesting a further easing in inflation. Bank economists anticipate annual CPI inflation to ease towards the Reserve Bank's 1-3% target band in the second half of the year.
July 01, 2024
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