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.

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New Zealand Services PMI



Related Last Previous Unit Reference
Manufacturing PMI 49.10 48.10 points Apr 2023
Composite PMI 48.50 50.00 points Apr 2023
Services PMI 49.80 53.80 points Apr 2023

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
49.80 53.80 61.50 26.70 2007 - 2023 points Monthly
SA

News Stream
New Zealand Services Sector Falls Into Contraction
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”.
2023-05-14
New Zealand Services Sector Growth Slows
The BusinessNZ Performance of Services Index for New Zealand fell to 54.4 in March 2023 from 55.8 in February. In terms of the sub-index results, activity/sales (56.7) rose to its highest level since November 2022, while in contrast new orders/business (53.1) dropped to its lowest level of expansion since July 2022. Employment (51.3) remained very stable over the first three months of 2023, while both stocks/inventories (57.3) and supplier deliveries (55.0) both slipped slightly over March. “Although there was a moderate decline in expansion levels, the proportion of negative comments jumped from 51.9% in February to 58.6% in March. A cooling economy, effects of price increases and general uncertainty were the main comments that came through”. BNZ Senior Economist Craig Ebert said that “while the PSI held reasonably firm in March, the PMI slipped into a slightly negative position. Still, there was enough in them, overall, to suggest a positive underlying tendency in activity”.
2023-04-16
New Zealand Services Growth Hits 4-Month High
The BusinessNZ Performance of Services Index for New Zealand rose to 55.8 in February of 2023 from an upwardly revised 54.7 in January, pointing to the strongest growth in the services sector in four months. Increases were seen for activity/sales (53.6 vs 52.1), new orders/business (57.1 vs 54.8), stocks (58.3 vs 54.7) and supplier deliveries (55.9 vs 52.3) while the employment subindex edged lower (51.2 vs 51.6). At the same time, the proportion of negative comment fell to 51.9% in February from 61.7% in January. Reasons were varied across those who outlined positive comments, namely the return of customers after the holiday season and a general pick-up in tourism, including overseas visitors. BNZ Senior Economist Craig Ebert said that “the strongly expanding PSI, along with the recovered tone of the PMI, suggests economic activity is growing relatively well in the early stages of this year".
2023-03-12