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

 


NZ services sector activity rebounds in March

NZ services sector activity rebounds in March to near a 7-year high

By Suze Metherell

April 14 (BusinessDesk) – New Zealand services sector activity, which accounts for about two thirds of the economy, rebounded in March to reach 2007 levels, after a drop off in February.

The BNZ-BusinessNZ performance of services index rose to a seasonally adjusted 58.3 in March, from February’s 53.1 and up from 55.2 a year earlier. A reading above 50 indicates expansion. Last month the PSI snapped nine consecutive months of growth in expansion as new orders had the biggest drop since the survey began in 2007.

“The expansion is not only deepening but widening too with growth being experienced across a number of sectors including construction, agriculture, manufacturing, tourism and retail,” Doug Steel, Bank of New Zealand economist, said in a note. “While the very fast pace of service sector growth in March might partly be a bit of catch up from the moderate pace in February, the overarching point is that trend growth in the service sector is currently strong.”

All five sub-indexes which make up the PSI were in expansion in March, led by new orders/business with a reading of 62.1, followed by activity/sales with a reading of 60.7. Stock/Inventories rose 6.5 points to 55.3. Employment rose 0.8 points to 54.3 and supplier deliveries advanced 5.3 points to a 55.5 reading.

“Buoyant new orders are positive for the future,” Steel said. “This will be on factor giving firms in the service sector confidence and encouraging them to take on more staff.”

The seasonally adjusted BNZ-Business NZ performance of composite index, which combines the PSI with the performance of manufacturing index and represents more than three quarters of the economy, increased 3.4 points from a year earlier to 58.3 on a GDP-weighted index, and 4.2 point to 58.2 on a free-weighted index.

Across New Zealand all regions were above 50, with Northern up 1.7 points to 59.4, Central falling 0.5 points to 59.2. Otago/Southland rose 5.4 points to 59.4 and Canterbury/Westland rebounded to 58.5 from 43.4

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news