Business confidence has dropped to a historic low in Central New Zealand

Business Central surveyed just over 200 businesses located between Gisborne and Nelson.

A net negative of almost 80 percent of businesses surveyed, expect the economy to be performing worse in a year's time -- a record low for the survey.

That compares to a net negative of 43 percent when businesses were canvassed during the same period in 2022.

Wellington Chamber of Commerce Chief Executive, Simon Arcus says he didn't expect such a steep decline in confidence.