A survey conducted on 1,400 businesses has shown that majority of New Zealand firms were holding their own in the economic downturn. 

It was found by the MYOB Business Monitor, a survey conducted by Colmar Brunton, that 60% of the companies surveyed have confirmed that profitability had stayed the same or improved over the past year.

The firms’ actual performance was observed by the survey, carried out in May and June; instead of its confidence, said New Zealand MYOB general manager Julian Smith.

Smith continued that the survey suggested that majority of firms faced no problems in acquiring a loan from their banks. Furthermore, they didn’t have any trouble in getting paid on time. Moreover, 69 percent said upcoming work has not dropped off.

Nonetheless, Smith also added: “However, about 60 percent businesses reported pressure from cash flow and fuel prices.”