2023.03.3007:27:00UTC+00New Zealand Business Confidence Broadly Unchanged At -43.4

New Zealand business confidence remained low and virtually stable at the end of the first quarter, survey results from ANZ showed on Thursday.

The business confidence index dropped fractionally to -43.4 in March from -43.3 in February. Further, the score remained at a subdued level.

Meanwhile, the own activity outlook indicator improved to -8.5 from -9.2 a month ago.

According to the survey, the majority of indicators are still significantly below historical norms.

Retail, construction and agriculture respondents were generally more upbeat, while manufacturing and services firms became more pessimistic.

The headline inflation and pricing indicators eased somewhat in March. The index measuring pricing intentions fell to 56.8 from 62.4.

The cost expectations index moderated to 86.4 from 88.3 a month ago, and the profit expectations indicator rose to -33.9 from -37.7.

A net 84 percent of respondents reported expecting to raise wages over the next 12 months, up from 81 percent last month, the survey said.