Flat economy - Quarterly Survey of Business Opinion, April 2012
11 April 2012
New Zealand’s crab-like recovery continues
NZIER’s Quarterly Survey of Business Opinion (QSBO) shows economic activity went sideways in the March 2012 quarter. Firms’ experienced trading activity edged up (0% from -3%) on a seasonally adjusted basis. This is consistent with annual economic growth of around 1.8%.
“The survey shows most indicators are going sideways, suggesting a gradual and patchy economic recovery. The pace of recovery is modest and has not accelerated in the past nine months.”
“Labour market conditions have stabilised, consistent with slow growth in jobs and wages, although labour shortages remain a concern in Canterbury,” said Shamubeel Eaqub, Principal Economist at NZIER.