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

 

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

"Don’t Give Up":
End Of Kick-Start Hits KiwiSaver Enrolments

ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news