The Business NZ Performance of Services Index in New Zealand rose to 58.6 in June of 2021 from an upwardly revised 56.3 in the previous month, signalling a stronger expansion in the service sector. At the same time, the three-month average stood at 58.7, the second strongest quarter on record, only surpassed by the average seen in the quarter ending June of 2007. Main upward pressure came from New Orders/Business (66.1) and Activity/Sales (62.5). Businesses reported higher staffing levels (56.5), although struggles in hiring new employees were broad. Meanwhile, the more supply-focused indices, namely Stocks/Inventory (50.9) and Supplier Deliveries (46.2) remained weak. BusinessNZ Senior Economist Craig Ebert added that “the PSI and PMI signal a hefty rate of growth in economic activity (...) suggesting the economy is running headlong into even-worse capacity constraint, and, with it, serious inflation pressure”. source: Business New Zealand

Services PMI in New Zealand averaged 53.89 points from 2007 until 2021, reaching an all time high of 61.20 points in April of 2021 and a record low of 26.80 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 July of 2021.

Services PMI in New Zealand is expected to be 57.00 points 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 53.00 in 12 months time. In the long-term, the New Zealand Services PMI is projected to trend around 53.00 points in 2022, according to our econometric models.

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New Zealand Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
58.60 56.30 61.10 26.80 2007 - 2021 points Monthly
SA


News Stream
New Zealand Service Sector Growth Picks Up
The Business NZ Performance of Services Index in New Zealand rose to 58.6 in June of 2021 from an upwardly revised 56.3 in the previous month, signalling a stronger expansion in the service sector. At the same time, the three-month average stood at 58.7, the second strongest quarter on record, only surpassed by the average seen in the quarter ending June of 2007. Main upward pressure came from New Orders/Business (66.1) and Activity/Sales (62.5). Businesses reported higher staffing levels (56.5), although struggles in hiring new employees were broad. Meanwhile, the more supply-focused indices, namely Stocks/Inventory (50.9) and Supplier Deliveries (46.2) remained weak. BusinessNZ Senior Economist Craig Ebert added that “the PSI and PMI signal a hefty rate of growth in economic activity (...) suggesting the economy is running headlong into even-worse capacity constraint, and, with it, serious inflation pressure”.
2021-07-18
New Zealand Services Growth Slows from Records
The Business NZ Performance of Services Index in New Zealand fell to 56.1 in May of 2021 from a record high of 61.2 in April. The reading still pointed to an expansion in the services sector, above the long term average of 53.9. New Zealand continues to follow global trends with strong New Orders/Business (62.1) and Activity/Sales (58.7). However, Supplier Deliveries (45.1) remains solidly in contraction. BNZ Senior Economist Doug Steel said that "while the current strength in the PSI (and PMI) says good things for economic growth over coming quarters, the obvious supply side stresses suggests significant upward pressure is building on inflation".
2021-06-13
New Zealand Services Sector Activity Hits Record High
The Business NZ Performance of Services Index in New Zealand increased to 61.2 in April of 2021 from an upwardly revised 52.9 in the previous month. It is the highest reading since the survey began in 2007, mainly due to a stronger expansion in new orders (68 from 58.0 in March), activity (62.1 from 55.6), employment (60.8 from 58.0), inventories (56.5 from 50.5), while supplier deliveries contracted at a softer pace (46.8 from 44.2).
2021-05-16
New Zealand Services PMI at 8-Month High
The BusinessNZ Performance of Services Index in New Zealand increased to 52.4 in March of 2021 from an upwardly revised 49.7 in the previous month. It is the highest reading since July of 2020, mainly due to a steeper expansion in new orders (56.9 from 51.1 in February) and in activity (54.5 from 51.3). Meantime, there was a slight improvement in employment (51.8 from 51.1), while inventories (48.9 from 46.0) and supplier deliveries (43.5 from 41.0) both contracted at a softer pace.
2021-04-18

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.