The Business NZ Performance of Services Index in New Zealand rose to 53.6 in May 2019 from an upwardly revised 52.0 in the previous month, but still below the long term average of 54.4. Four of the five main sub-indexes increased: activity/sales (54.7 vs 51.4 in April); employment (50.6 vs 48.4); new orders/business (55.7 vs 55.1); and stocks/inventories (56.8 vs 48.5). Meanwhile, the gauge measuring supplier deliveries was unchanged at 51.7. 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 54.80 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 57.00 in 12 months time. In the long-term, the New Zealand Services Pmi is projected to trend around 54.68 in 2020, according to our econometric models.