February 27, 2020 / 12:20 AM / a month ago

New Zealand business confidence drops in January on coronavirus fears

FILE PHOTO: Shoppers stand outside a retail store displaying a sales sign in central Wellington, New Zealand, July 3, 2017. Picture taken July 3, 2017. REUTERS/David Gray

WELLINGTON (Reuters) - New Zealand’s businesses sentiment dropped in January as the coronavirus outbreak in China caused widespread alarm about the outlook for the economy and the prospects of firms, an ANZ Bank survey showed on Thursday.

The survey’s headline measure showed a net 19.4% of respondents expected the economy to deteriorate over the year ahead, compared with 13.2% in the previous poll in December.

A net 12.0% of respondents expected their own businesses to grow in the next 12 months, from 17.2% last month.

Reporting by Praveen Menon; Editing by Himani Sarkar

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