According to a private survey, this is the first time in last four months when consumer confidence in New Zealand’s rose in May.

The rise in confidence is the sign of recovery in regions outside earthquake damaged Christchurch.

As per today emailed statement by Wellington-based ANZ National Bank Ltd. the ANZ-Roy Morgan confidence index rose to 103.2 from 101.4 in April. This data shows that optimists outnumbered pessimists.

Although the confidence level is low as compared to what was recorded before Feb 22 earthquake of magnitude-6.3. This has resulted in the central bank Governor Alan Bollard to leave the benchmark interest rate at a record low.

In April, the central bank kept the official cash rate at 2.5% and said that for some time low borrowing cost will prevail.

It is expected that benchmark rate will remain unchanged for the rest of the year and economy will depreciate in next 12 months. While few respondents said that it is a good time to buy a major household item.