27 Oct 2012

Businesses lose confidence - survey

7:49 am on 27 October 2012

National Bank says businesses are slightly less confident about their prospects, in another sign economic activity is slowing.

The bank's monthly survey shows a net 26% of firms expect the economy to improve over the year ahead, a fall from 29% in the previous month.

Profit expectations and employment and export intentions declined, though investment plans edged up.

National Bank chief economist Cameron Bagrie says the economy is growing about 2%, which is not enough to create jobs.