National Australia Bank has released its data for Monthly Business Survey and Economic Outlook for February today. According to the data, the business confidence was reported to reach the November level which is the highest level since May 2002. The improved trading conditions and profitability played a major role in the rising of business confidence.

"The latest survey indicates at least a partial bounce back in both confidence and conditions," said Alan Oster, chief economist of NAB group. "The February survey results suggest that growth momentum in early 2010 is still substantial, albeit somewhat below the very strong demand conditions of late 2009."

According to the data released by NAB, the business confidence reading was reported +19, increasing by 4 points in the month of February. The main drivers in this growth were mining, retailing, wholesaling and transport sectors. The business conditions also improved in February and were reported to +8, increasing by 5 points. While, stocks were reported decreased to -4 points mainly attributed to unexpected demand. The forward orders increased to _6 points in February.

Overall, the annualized growth of 5% was reported for past six months by the survey.

Also, the growth in February index is sixth monthly positive reading out of last seven months.