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

 

NZ services sector activity rises to 6 year high

NZ services sector activity rises to highest in more than 6 years

May 19 (BusinessDesk) - New Zealand services sector activity, which accounts for about two thirds of the economy, rose for a second month in April to reach the highest in more than six years, led by new orders and sales.

The BNZ-BusinessNZ performance of services index rose 0.4 points to a seasonally adjusted 58.9 in April from 58.3 in March and up from 55.4 a year earlier. A reading above 50 indicates expansion.

The PSI survey comes after its counterpart for manufacturing, the PMI, fell last month, which was attributed to the Easter and Anzac holiday breaks both occurring in April, and keeps overall activity “at very healthy levels, based on the composite index, or PCI. Economists had questioned the level of consumer demand after retail sales growth slowed in the first quarter.

The PSI has “presented a more consistent growth pulse,” said Bank of New Zealand economist Craig Ebert. The PSI and PMI surveys were “consistent with annual GDP growth of around 4 percent,” he said.

All five sub-indexes which make up the PSI were in expansion in April, led by new orders/business with a reading of 65.7, followed by activity/sales with a reading of 62.2. Stock/Inventories were at 55.6 and supplier deliveries advanced to a 55.8 reading.

The seasonally adjusted BNZ-Business NZ performance of composite index, which combines the PSI and PMI and represents more than three quarters of the economy, was little changed at 58.5 and slipped 0.9 points to 57.3 on a free-weighted index.

Across New Zealand all regions were above 50, with Northern slipping to 58.1 and Central rising to 60. Otago/Southland fell 3.1 points to 56.3 and Canterbury/Westland rose 1.8 points to 60.3.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Myrtle Rust: Infections Found At 26 Sites

The affected properties include private gardens, plant nurseries and retailers and an orchard. The stats stand at: 21 properties in Taranaki, 3 in Northland and 2 in Waikato. More>>

Burgers To America: BurgerFuel Opens In The USA

BurgerFuel Worldwide are excited to announce the opening of their first USA based restaurant in Indianapolis, hot off the back of the Indy 500. More>>

English On Budget: Businesses Over-Egg Corporate Tax Cuts

Cutting New Zealand's 28 percent corporate tax rate is "not a panacea in the way business groups sometimes market it," says Prime Minister Bill English. More>>

ALSO:

Auckland Port To Recapture Gas: Union Calls On Ports To Stop Spewing Methyl Bromide

The Maritime Union of New Zealand welcomes the decision by Ports of Auckland to stop releasing methyl bromide emissions into the air. The move to fully recapture the toxic gas after fumigation sets a new benchmark for industry best practice. More>>

ALSO:

Retail: Banks Shoes Calls In Receiver

Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank. More>>

ALSO: