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Tuesday, a report by the New Zealand Institute of Economic Research said business confidence moved into positive territory in the September quarter, marking the highest level in a decade.
Business confidence stood at 27 in the third quarter from minus 14 in the second quarter. Firms expect a significant acceleration in activity in the fourth quarter.
The report said there was strong evidence that the worst of the recession was over and the economy was on the mend. However, until firms start to rebuild more assertively, the recovery will be gradual, it noted.
Meanwhile, the NZIER said there was considerable disparity between reality and business expectations. "While firms are clearly more confident about the economic outlook, their recent performance has been weak and they remain cautious about hiring more staff or lifting investment. This suggests that a shallow recovery from the recession is likely", the report added.
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