The Business NZ Performance of Services Index in New Zealand dropped to 52.7 in June 2019 from a revised 53.5 in the previous month, remaining below the long term average of 54.4. New orders/business growth slowed to its lowest level since September 2012 (54.8 vs 55.8 in May) and activity/sales also rose at a softer rate (54.7 vs 54.9). In addition, the pace of job creation remained subdued (50.9 vs 50.6), while supplier deliveries again fell back into contraction (49.4 vs 51.4). Services Pmi in New Zealand averaged 54.43 from 2007 until 2019, reaching an all time high of 60.90 in April of 2007 and a record low of 44.70 in November of 2008.
Services Pmi in New Zealand is expected to be 56.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Pmi in New Zealand to stand at 55.00 in 12 months time. In the long-term, the New Zealand Services Pmi is projected to trend around 54.68 in 2020, according to our econometric models.