New Zealand business sentiment continues to weaken as supply issues dominate

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People walk outside a Starbucks cafe on Lambton Quay street in Wellington, New Zealand

WELLINGTON – New Zealand business sentiment fell again in June as supply-side issues continue to dominate the list of firms’ biggest problems, consistent with inflation pressures that are still intense, an ANZ Bank survey showed on Thursday.

The survey’s headline measure showed a net 62.6% of respondents expected the economy to deteriorate over the year ahead. That compared with a 55.6% pessimism level in the previous poll in May.

A net 9.1% of respondents expected their own businesses to

contract in the next 12 months, from a contraction of 4.7% previously.

(Reporting by Lucy Craymer; Editing by Jacqueline Wong)