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.