The latest BNZ Confidence Survey was further indication that New Zealanders are breathing a "sigh of relief" at the avoidance of an especially deep recession scenario, BNZ Chief Economist Tony Alexander said. The New Zealand economy is likely to remain in recession through the June and September quarters, according to the NZIER Quarterly Survey of Business Opinion, also released on Tuesday. Official figures show the economy contracted 1% in the March 2009 quarter, following contractions of 1% in the December quarter, 0.5% in September, 0.2% in June, and 0.3% in the first quarter of 2008. A net 15% of respondents to BNZ's Confidence Survey for July said they expected the New Zealand economy to improve in the next year. "This is down slightly from a net 18% positive in June and record 27% in May but the minor pullback is consistent with our interpretation of recent results being a "sigh of relief" at the avoidance of an especially deep recession scenario," Alexander said.
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