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More New Zealand companies predicting better times

Published by Steve Coleman on November 28, 2011

New Zealand businesses say they've found a silver lining in the black cloud parked over international market watchers.

The latest National Bank Business Outlook survey says the number of companies expecting their fortunes to improve in the next year increased to 18 per cent from the 13 per cent recorded with the October survey.

Business confidence in the island nation rose for the first time in three months, despite worries about debt problems in the eurozone and the United States.

New Zealand companies have also lowered expectations for the international export market in the last month. In October, 21 per cent of respondents expected to be selling more of their products abroad in the next year. That number fell to 16 per cent in the November survey.

The survey says a net 4.3 per cent of New Zealand businesses expect profits to increase over the coming year, up from a net 1.6 per cent in October. Plans to invest also increased to 12 per cent from the 8.7 per cent recorded in October.

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