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NZ Services Sector Expands in August
New Zealand’s services sector experienced a lift in expansion during August, according to the BNZ - BusinessNZ Performance of Services Index (PSI).
The PSI for August was 57.3, which was 1.3 points higher than July (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining).
BusinessNZ chief executive Kirk Hope said that after the 2.3 point dip in expansion during July, the movement upwards towards more solid expansion was positive to see.
“Looking at the sub-indices, the two key values of activity/sales (62.9) and new orders/business (63.1) picking up pace assisted the overall result. In addition, the proportion of positive comments (66.9%) lifted well above the 60-point mark compared with July".
BNZ Senior Economist Craig Ebert said that "melded with the PMI, the latest PSI forms a picture of rude growth in the NZ economy, overall. Indeed, the composite index continues to point to annual GDP growth running in the order of 3 to 4%".
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