New Zealand Election Spooked Businesses, Confidence Survey Shows
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New Zealand business confidence plunged to a two-year low in the run-up to a cliffhanger general election, led by fears of a downturn among manufacturers.
A confidence index compiled prior to the Sept. 23 ballot sank to zero from 18.3 in August, ANZ Bank New Zealand said Tuesday. More than a quarter of manufacturing companies surveyed said they expected business conditions to deteriorate over the next year, up from just 2 percent in the previous poll. The sector was the most likely to reduce hiring, and more than a quarter of respondents expected lower earnings.