The Business NZ Performance of Services Index in New Zealand climbed to 56.3 in January 2019 from an upwardly revised 53.2 in the previous month. The reading pointed to the strongest expansion in services activity since May, driven by an improvement in activity (+9.2 points to 61.5); new orders (+1.8 points to 61.4), employment (+2.5 points to 52.9), and supplier deliveries (+0.2 points to 51.9). In contrast, inventories dropped 1.3 points to 49.9, falling in contraction territory. Services Pmi in New Zealand averaged 54.49 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 54.71 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 54.68 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.