Expectations for Hawai'i's economy shifted from primarily positive to negative, according to a Bank of Hawaii business confidence survey released yesterday.

Still, two-thirds of survey respondents did not expect Hawai'i's economic expansion to reverse course.

Results of the August survey showed 22 percent of businesses surveyed expected a higher level of economic activity in the year ahead, while 35.2 percent expected economic activity to decline. That was a reversal from results from a prior survey conducted in February that showed 31.8 percent of respondents expecting higher economic activity, versus 21.3 percent expecting lower economic activity.

"Survey results indicate the economy is stabilizing along a moderate growth plan," said Paul Brewbaker, chief economist for Bank of Hawaii. "People's expectations are more balanced between positive and negative postures, where previously there was a positive tilt."

Of the firms surveyed, 40.5 percent said they expect higher sales and 18.4 percent expect sales to be lower. That compares with the February survey, which showed 47.4 percent of respondents expecting higher sales, versus 14.8 percent expecting sales to decline.

The results were compiled from 335 responses to a mailed-out form. The survey had a margin of error of plus or minus 5.3 percentage points.

Reach Sean Hao at shao@honoluluadvertiser.com.