Business confidence climbs as conditions improve
Business conditions have finally caught up with business confidence, the latest National Australia Bank business survey shows.
The NAB Monthly Business Survey & Economic Outlook, October 2009, found that business confidence edged higher in October jumping up by two points to hit +16 points; while business conditions jumped up nine points to +12 index points.
According to NAB chief economist, Alan Oster, improved business confidence has been justified by stronger business outcomes, and as a result NAB have had to raise its economic growth forecasts.
“The evidence from the survey suggests that the economy is currently performing better than we expected,” he said.
The bank is now expecting 0.75 percent GDP growth in the second half of 2009, rather than no growth, and 2.5 percent growth in 2010.
The index for trading and profitability also jumped up, climbing seven points and nine points respectively, to hit +15 points and +13 points.
Business conditions have finally caught up with business confidence, the latest National Australia Bank business survey shows.
The NAB Monthly Business Survey & Economic Outlook, October 2009, found that business confidence edged higher in October jumping up by two points to hit +16 points; while business conditions jumped up nine points to +12 index points.
According to NAB chief economist, Alan Oster, improved business confidence has been justified by stronger business outcomes.
“The evidence from the survey suggests that the economy is currently performing better than we expected,” he said.
The bank is now expecting 0.75 percent GDP growth in the second half of 2009, rather than no growth, and 2.5 percent growth in 2010.
The index for trading and profitability also jumped up, climbing seven points and nine points respectively, to hit +15 points and +13 points.
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