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

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news