New Zealand Consumers More Pessimistic on Economy, Poll Shows

By Tracy Withers

Feb. 23 (Bloomberg) -- New Zealand consumers are more pessimistic about the outlook for the economy amid a deepening global recession and concerns that the jobless rate will rise, according to a poll.

Forty six percent of 1,000 people polled last week said the economy will worsen in the next 12 months, according to a Colmar Brunton poll for Television New Zealand. The reading is the highest since August although the poll hasn’t been conducted since November.

Confidence is falling amid a global recession that is curbing exports and prompting local companies to review investment and fire workers. New Zealand’s jobless rate rose to a five-year high of 4.6 percent in the fourth quarter and may be 7.2 percent by March 2010, according to government figures.

The number of optimists fell to 37 percent. The poll has a 3.1 percent sampling error and was conducted between Feb. 14 and Feb. 19. Results of the poll were e-mailed to Bloomberg News.

Separately, the poll showed support for New Zealand’s governing National Party was 56 percent, twice that of the main opposition Labour Party. It is the first political poll since National won power in November.

National Party leader John Key is preferred as prime minister by 51 percent of those polled.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.