NZ: Regional economic confidence deteriorated in the March 2019 quarter – Westpac

According to the Westpac-McDermott Miller Regional Economic Confidence survey, New Zealand’s regional economic confidence deteriorated in the March 2019 quarter, with eight of eleven regions recording a fall, contrasting to the previous quarter where all regions had posted gains.

Key Quotes

“The biggest falls in confidence were in Auckland, Nelson/Marlborough/West Coast, and Canterbury.”

“Auckland is by far the most pessimistic region in the country.”

“The only regions to report improved household confidence were fast growing Waikato and the Bay of Plenty, which is the most confident region in the country.”

“Recent outperformers on the east coast of the North Island and the southern part of the South Island all experienced sharp drops in confidence as their overheating economies showed signs of cooling.”