The BusinessNZ Performance of Services Index for New Zealand declined by 4 points from a month earlier to 49.8 in April 2023, falling into contraction for the first time since February 2022. In terms of the sub-index results, activity/sales (45.1) displayed the largest decline, falling 10.8 points from March. New orders/business (49.1) experienced a 3.5 point decline, while employment (49.9) was all but in no change mode. “The fall into contraction for April was also mirrored by the movements in the proportion of negative comments, which increased again to 60.2% in April, compared to 58.6% in March and 51.9% in February. A general lack of customer demand seemed to be the main thread common across the comments”. BNZ Senior Economist Craig Ebert said that “while April’s result denotes only a tiny fraction of contraction, the PSI has certainly slowed a lot, in the space of a month, to the point of a pause”. source: Business New Zealand
Services PMI in New Zealand averaged 53.59 points from 2007 until 2023, 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 June of 2023.
Services PMI in New Zealand is expected to be 49.90 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 52.90 points in 2024 and 53.40 points in 2025, according to our econometric models.