6 Oct 2015

Business confidence drops to 5-year low

11:47 am on 6 October 2015

Business confidence is at its lowest level in almost five years as a slowing economy and fears about China weigh on sentiment.

The New Zealand Institute of Economic Research's (NZIER) survey of business opinion for the September quarter showed a net 9 percent of firms expected the economy to deteriorate in the coming months.

But NZIER senior economist Christina Leung said businesses were more optimsitic about their own outlook, because they had yet to feel still the squeeze, and they were looking to hire and invest in plant and machinery.