The Business NZ Performance of Services Index in New Zealand dropped to 52.9 in March 2019 from a downwardly revised 53.6 in the previous month. The March result was the lowest since December 2012, and below the long term average of 54.5 for the survey, as the key sub-index of new orders/business decreased 4.3 points to 54.9, its lowest level since September 2012. Also, other main sub-indexes posted small declines: employment (down 0.9 points to 50.9); and activity/sales (down 0.8 points to 52.5). Meanwhile, increases were seen in supplier deliveries (up 0.8 points to 50.8) and stocks/inventories (up 0.5 points to 49.8). Services Pmi in New Zealand averaged 54.47 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.