The Business NZ Performance of Services Index in New Zealand rose to 55.4 in October of 2018 from an upwardly revised 54.2 in the previous month. It is the strongest reading since May, as sales (57.8 from 56.2 in September) and new orders (57.9 from 56.2) increased at a faster pace. Also, employment rebounded (54.0 from 49.7), rising to its highest level since December 2017. On the other hand, inventories (52.2 from 53.8) and supplier deliveries (51.2 from 52.3) decreased. Services Pmi in New Zealand averaged 54.49 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 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 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.