Business confidence rebound encouraging

Finance Minister Michael Cullen today welcomed the latest National Bank Outlook showing confidence improving for a fourth consecutive month.

“The 8 point jump from last month to net 31 percent positive on the all-important own activity index is especially encouraging and augurs well for the economy’s ability to cope with the worst effects of what remains a highly uncertain and volatile international environment.

“The rebound is echoed in a strong increase in profit expectations over the same period while other indicators – investment, employment – remain buoyant,” Dr Cullen said.

He noted that the headline confidence figure, at 0.1 percent negative, was extremely finely balanced.

“One more optimist and it would have been in plus territory; a classic case of being one swallow short of a summer,” he said.

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