The BusinessNZ Performance of Services Index in New Zealand decreased to 54.4 in September 2019 from 54.6 in August. The latest reading pointed to the weakest expansion in the services activity since June and was also exactly at the long-term average. Slower growth was recorded for sales (54.4 from 56.1 in August); employment (52.7 from 53.4); stocks (51.8 from 53.5) and supplier deliveries (50.5 from 51.6). On the other hand, new orders advanced to 59.3 in September from 56.9 in August, its highest since January. Services Pmi in New Zealand averaged 54.44 from 2007 until 2019, reaching an all time high of 60.90 in April of 2007 and a record low of 44.70 in November of 2008.
Services Pmi in New Zealand is expected to be 55.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Pmi in New Zealand to stand at 56.00 in 12 months time. In the long-term, the New Zealand Services Pmi is projected to trend around 57.00 in 2020, according to our econometric models.