Dec 18 New Zealand business confidence was mixed in December with the overall measure rising from a 20-year low, amid lower interest rates, but businesses were the most pessimistic on record about their own outlook, a survey showed on Thursday.
The National Bank of New Zealand's monthly business outlook showed a net 21.5 percent of companies expected their own business to deteriorate in the next 12 months, compared with 14.1 percent pessimism level in the previous survey.
The survey's headline measure of sentiment was 35 percent of respondents expecting the economy to worsen over the next 12 months compared with a net 43 percent who expected it to worsen in November.
Inflation expectations for the year ahead fell to 3.15 percent from 3.74 percent in the previous month.
The Reserve Bank of New Zealand cut its cash rate by a record 150 basis points on Dec. 4 to a five year low of 5 percent to try to help lift the economy from recession and cushion the impact of the global slowdown.
The latest Reuters poll has 10 of 17 economists expecting a further 50 basis point cut at the Jan. 29 review, with five expecting of 75 basis point cut, and two picking a 100 basis point cut.
The New Zealand economy has been in recession in the first half of the year, which is expected to continue into next year.
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