Business activity expectations in New Zealand softened marginally in September, as the NBNZ Own Activity indicator edged down to 47.9% from 48.2% in August 2026. The latest reading, updated on 30 September 2026, suggests a modest loss of momentum in firms’ own outlook for activity.
While the decline of 0.3 percentage points is small, the back-to-back readings below the 50% mark underscore a cautious corporate climate. The September figure indicates that, on balance, fewer firms expect a pick-up in their own activity compared with earlier in the year, hinting at a more subdued growth backdrop heading into the final quarter of 2026.
Investors and policymakers will be watching upcoming surveys closely to gauge whether this softening stabilises or broadens, as business sentiment often provides an early signal of shifts in the broader New Zealand economic cycle.