The New Zealand Institute of Economic Research (NZIER) released its Quarterly Survey of Business Opinion on Tuesday. The business confidence in New Zealand was 23% in the first quarter, down from 24% in the fourth quarter.
The fourth quarter's figure was revised up from 23%.
The senior economist at NZIER, Christina Leung, said that the companies "are still fairly optimistic".
She noted that the services sector has performed well.
"The manufacturing sector has also been surprisingly resilient in the face of a higher New Zealand dollar-Australian dollar," Leung added.