The Business NZ Performance of Services Index in New Zealand fell to 51.8 in April 2019 from 52.9 in the previous month. The latest reading pointed to the weakest expansion in the services activity since September 2012, as employment (48.6 from 50.7 in March); and inventories (48.3 from 49.7) declined. Also, sales (51.1 from 52.3) rose at the softest pace since August 2012. On the other hand, new orders (55.1 to 54.9) and supplier deliveries (51.6 from 50.9) increased further. Services Pmi in New Zealand averaged 54.45 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 54.80 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 57.00 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.