The Performance of Services Index (PSI) in New Zealand climbed sharply to 58.6 in August of 2022 from an upwardly revised 52.7 in the prior month. This was the fourth straight month of growth in services activity, the most robust pace since November 2017, and well above the long-term average of 53.6. The two key sub-indexes of new activity/sales (67.1 vs 54.4 in July) and new orders(66.5 vs 53.4) both displayed significant gains, while inventories (59.6 vs 53.7) were at their highest reading since November 2019. Meantime, employment (50.8 vs 49.3) remained somewhat lackluster and deliveries (49.6 vs 47.6) remained in contraction. BNZ Senior Economist Doug Steel said that "overall, combining August’s strong PSI with last week’s firmer PMI yields a composite index (PCI) that suggests annual GDP growth up toward 5% in Q3 2022. source: Business New Zealand

Services PMI in New Zealand averaged 53.58 points from 2007 until 2022, reaching an all time high of 61.50 points in April of 2021 and a record low of 26.70 points in April of 2020. This page provides - New Zealand Services Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2022.

Services PMI in New Zealand is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Services PMI is projected to trend around 53.00 points in 2023, according to our econometric models.

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New Zealand Services PMI



Related Last Previous Unit Reference
Manufacturing PMI 54.90 53.52 points Aug 2022
Services PMI 58.60 52.70 points Aug 2022
Composite PMI 57.90 54.30 points Aug 2022

New Zealand Services PMI
The Business NZ Performance of Services Index (PSI) is a composite index based on the diffusion indexes for sales, new orders, delivered, inventories and employment. A reading above 50 indicates an expansion of the Services sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
58.60 52.70 61.50 26.70 2007 - 2022 points Monthly
SA

News Stream
New Zealand Services Sector Growth Jumps in August
The Performance of Services Index (PSI) in New Zealand climbed sharply to 58.6 in August of 2022 from an upwardly revised 52.7 in the prior month. This was the fourth straight month of growth in services activity, the most robust pace since November 2017, and well above the long-term average of 53.6. The two key sub-indexes of new activity/sales (67.1 vs 54.4 in July) and new orders(66.5 vs 53.4) both displayed significant gains, while inventories (59.6 vs 53.7) were at their highest reading since November 2019. Meantime, employment (50.8 vs 49.3) remained somewhat lackluster and deliveries (49.6 vs 47.6) remained in contraction. BNZ Senior Economist Doug Steel said that "overall, combining August’s strong PSI with last week’s firmer PMI yields a composite index (PCI) that suggests annual GDP growth up toward 5% in Q3 2022.
2022-09-19
New Zealand Services Growth at 5-Month Low
The Performance of Services Index (PSI) in New Zealand fell to 51.2 in July of 2022 from a downwardly revised 54.7 in June. The reading pointed to the lowest growth in the services sector in five months, in a sing that e that the strong bounce, following the move to the Orange setting on the covid traffic light system in mid-April, might be running out of steam. A slowdown was seen in activity/sales (54.4 vs 55.8 in June), new orders/business (52.5 vs 60.5) and stocks (53.1 vs 54) and employment contracted (49.2 vs 52.7).
2022-08-14
New Zealand Services Sector Continues to Expand
The Business NZ Performance of Services Index in New Zealand jumped to 55.4 in June of 2022 from an upwardly revised 55.3 in the previous month. It was the highest reading since June 2001, as employment expanded (53.1 vs. 49.0 in May) while inventories edged down (54.1 vs. 54.7). Meantime, sales (56.5 vs. 59.4) and new orders (61.7 vs. 62.0) expanded at a softer pace while supplier deliveries remained in contraction (47.8 vs. 45.6).
2022-07-17