Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ services sector grows at fastest pace in four months

NZ services sector grows at fastest pace in four months in February

March 18 (BusinessDesk) – New Zealand’s services sector grew at the fastest pace in four months in January, adding to signs that business activity has strengthened in recent months.

The BNZ-BusinessNZ Performance of Services Index rose 2.7 points to 55.5 in February, the highest reading since October last year and the high recorded for the month of February since the survey began in 2007.

The PSI follows its sister survey on manufacturing, released last Friday, which showed a third month of expansion to the highest level in a year. The Reserve Bank kept the official cash rate at a record low 2.5 percent last week and said it is unlikely to hike rates this year to give the economy time to recover.

All five sub-indexes in the PSI were in expansion last month. New orders/business was on 59.6, activity/sales on 55.4 and employment rose 2.4 points to 52.5, the highest since April last year. A reading of 50 separates contraction from expansion.

Stocks/inventories were on 53.3 and supplier deliveries were on 55.8.

The PMI and PSI surveys “gives us some heart that the economy overall is progressing well this year so far, after what we think was a reasonable expansion in the final quarter of last year,” said Bank of New Zealand economist Craig Ebert.

Today’s report showed the Northern region was on 56.5, Central was on 54.5, Canterbury/Westland on 59.1 and Otago/Southland on 61.9.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news