The National Bank survey showed firms have pared back their export intentions, with a net 16 percent of respondents seeing growth in foreign sales, compared to a net 21 per cent a month earlier.
However, on the domestic front, there was an uptick in expected manufacturing volumes and a strong rise in livestock investment intentions.
Capacity utilisation improved in the month to a net 19 per cent from a net 17 per cent a month ago, and livestock investment intentions climbed to a net 26 per cent of firms saying it will get better from a net 14 per cent in October.
The survey was taken before the re-election of the incumbent National Party-led administration.
A net 4.3 per cent of New Zealand businesses expect profits to increase over the coming 12 months, up from a net 1.6 per cent in October, and investment intentions are up to a net 12 percent of respondents from a net 8.7 per cent a month earlier.
Still, employment intentions are down to a net 5.9 per cent from a net 9.9 per cent of firms looking to take on new staff in October, and a net 18 per cent of firms expecting to lift prices over the next year was barely changed from a month earlier.
Bagrie said the results are a "hodge-podge of pluses and minuses but with some relative respectability," and the survey indicates 3.5 percent annual gross domestic product growth.
"There is growth, but it is scratchy and patchy," he said.
Construction expectations were mixed, with residential building intentions falling to a net 19 percent of firms picking an uplift in construction, from a net 29 percent a month ago, while commercial intentions rose to a net 27 per cent from a net 19 per cent in October.
Firms got less pessimistic about securing funding, with a net 3.4 per cent saying they expect access to credit to get worse in the coming year, compared to a net 9.8 per cent of pessimists a month ago.
Companies' one-year-ahead Inflation expectations were stable at 3.1 per cent, while interest rate expectations declined, with a net 41 per cent predicting a rate hike in the coming year, down from a net 57 per cent in October.