Business confidence at 17 year low

The National Ban’s monthly business outlook survey for May 2005 is out, and it is not pretty.

Economic growth is now projected to crash to 1%.

A net 57% of companies are expecting business conditions to decline and this is spread over all agencies ranging from -46% in retail to -70% in agriculture.

I’ve graphed the series below. It is not just a 17 year low, but almost an all time low. The post 87 crash period is the only lower time.