New Zealand’s business confidence has weakened at the start of 2026, with the NBNZ Own Activity indicator falling to 51.6% in January from 60.9% in December 2025. The fresh data, updated on 29 January 2026, signals a notable cooling in firms’ own-activity expectations after a stronger finish to last year.
The decline suggests that while a majority of businesses still expect expansion in their own activity, optimism has moderated. This shift may reflect growing caution among New Zealand firms as they reassess conditions at the outset of the new year.
With the latest reading marking a sizeable pullback from December’s level, markets and policymakers will be watching closely to see whether January’s move proves a temporary adjustment or the start of a more persistent softening in business sentiment.
