The latest survey looking at business performance shows confidence has slipped and modest growth is only slowly filtering through to businesses.
The MYOB Business Monitor, which was run by Colmar Brunton and polled 1000 businesses, found 49% of owners expect the economy to improve in the next year.
That's slightly fewer than the 55% that expected improved conditions when the survey was last conducted in November.
MYOB New Zealand general manager, Julian Smith, says while the economy is officially recovering, this isn't flowing through to business results, with about one third of businesses having declining revenue in the last 12 months.
More concerning, he says, is that there is no improvement in the amount of work businesses have in prospect in the next three months.