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

 


BusinessNZ: Cheers to 2013

27 January 2014

BusinessNZ: Cheers to 2013

2013 represented a solid story of growth for New Zealand’s services sector, according to the BNZ - BusinessNZ Performance of Services Index (PSI).

The PSI for December was 57.5. This was up 1.1 points from November, with the last quarter being the strongest for activity since 2007 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining). Over 2013, the PSI averaged 55.8, compared with 53.9 for 2012 and 52.7 for 2011.

BusinessNZ chief executive Phil O’Reilly said that the last quarter of 2013 indicates the services sector is moving up a gear in terms of expansion

“While there are always seasonal factors at play during this time of year, the fact remains that new orders and activity/sales are consistently strong, which should feed through into future results. The proportion of positive comments remains high, with many outlining the new level of optimism and positively in the market.

BNZ Senior Economist Craig Ebert said the PSI suggests a pickup in production is gathering momentum.

“The new-orders index is by far the fastest component of all, increasing at a rapid rate of knots. We can believe this will be the case for the output index of the PSI over the first few months of 2014.”

All five main sub-indices were again in expansion during December, which has now been the case for the last eight months. New orders/business (62.4) continued its top spot, with eight of the last nine results showing a post-60 point value. Activity/sales (59.8) picked up 1.3 points from November, while employment (52.6) dipped in expansion levels after three consecutive months of rising activity. Both stocks/inventories (54.2) and supplier deliveries (52.9) experienced an uplift in expansion from during December.

Activity was positive across all of the country in December. In the North Island, the Central region (61.0) experienced another increase in expansion to record its first post-60 point value since March 2012. In contrast, the Northern region (57.4) dipped back to levels of expansion seen in September. In the South Island, the Canterbury/Westland region (52.6) picked up pace, while the Otago/Southland region (55.1) saw more moderate levels of expansion compared with November.

The seasonally adjusted BNZ - BusinessNZ Performance of Composite Index or PCI (which combines the PMI and PSI) for December saw both options for measuring the PCI continue their steady march upwards. The GDP-Weighted Index (57.5) increased 1.7 points from November, while the Free-Weighted Index (56.9) rose 0.2 points.

Link to the December PSI & PCI
Link to PSI time series data
Link to PCI time series data

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news