New Zealand business confidence registered a rise, grabbing an 11-year high in May, prompting signs that economic growth is grabbing momentum with employment intentions at an eight-year high.

Overall confidence levels remained constant, with a net 48 percent of companies surveyed hoping business conditions to show improvement over the next 12 months, compared to a net 50 percent recorded last month, uncovers the National Bank Business Outlook.

ANZ National finds that the employment scenario is the strongest in eight years and investment intentions are witnessed to improve to above historical average levels.

"Nothing seems to be denting the air of optimism toward prospects for the economy," quoted, Khoon Goh, senior economist at ANZ in Wellington.

New Zealand's economy managed to get out of the troubling waters of the worst recession in 18 years in the middle of last year, witnessing soaring dairy prices and boosting demand for raw materials.

In addition, companies seem to be highly positive about their own activity, with a net 45 percent of respondents looking forward to improved results ahead for their own business.

28 percent of firms admit to increase their prices in the coming year, marking a rise from a net 26 percent last month.