Double-dip recession avoided - Quarterly Survey of Business Opinion January 2011
11 January 2011
Double-dip recession avoided; medium term challenges linger
NZIER’s Quarterly Survey of Business Opinion (QSBO) shows the economy rebounded in the December 2010 quarter, after contracting in September. Firms’ experienced trading activity improved from -15% to -1% on a seasonally adjusted basis. The rebound was patchy, concentrated in large firms and in the upper North Island. Activity fell sharply in Canterbury, reflecting post-earthquake economic disruption. Nevertheless, most sectors experienced better conditions in December. There was a particularly large rebound in retail sales volumes. Most of the survey responses were received in the first half of December, so this will not reflect the lacklustre retail environment closer to Christmas.
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