The Business NZ Performance of Services Index in New Zealand fell to 53.0 in December of 2018 from a downwardly revised 53.4 in the previous month. The reading pointed to the weakest increase in services activity since June. Slower growth was recorded for sales (52.2 from 53.4 in November), which hit its lowest level of expansion since May 2014; and employment (50.3 from 55.5). In contrast, improvements were seen in new orders (59.2 from 57.5), stocks (51.3 from 50.4) and supplier deliveries (51.6 from 48.6). Services Pmi in New Zealand averaged 54.47 from 2007 until 2018, 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 54.71 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 54.68 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.