New Zealand Services Sector Surges In August - BusinessNZ

RTTNews | 1031 days ago
New Zealand Services Sector Surges In August - BusinessNZ

(RTTNews) - The services sector in New Zealand continued to expand in August, and at a much faster pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 58.6.

That's up from the upwardly revised 54.4 reading in July (originally 51.2) and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Among the main indices, sales (67.1), new orders (66.5), stocks (59.6) and employment (50.8) all expanded, while supplier deliveries (49.6) were barely in contraction.

"Overall, combining August's strong PSI with last week's firmer PMI yields a composite index that suggests annual GDP growth up toward 5 percent in Q3 2022. We currently forecast 5 percent-plus for that period but that strength is mostly a function of the very weak base period. If the PCI is truly bouncing, the key question is for how long?" said BNZ Senior Economist Doug Steel.

read more
New Zealand Holds Key Rate As Expected

New Zealand Holds Key Rate As Expected

The Reserve Bank of New Zealand left its benchmark interest rate unchanged on Wednesday citing elevated level of uncertainty and near-term risks to inflation. The Monetary Policy Committee, governed by Christian Hawkesby, decided to hold the Official Cash Rate at 3.25 percent. The bank has paused the easing cycle for the first time since it started cutting rates in August 2024.
RTTNews | 6 days ago
New Zealand Building Permits Jump 10%In May

New Zealand Building Permits Jump 10%In May

The number of building permits issued in New Zealand was up a seasonally adjusted 10 percent on month in June, Statistics New Zealand said on Tuesday - coming in at 3,151.
RTTNews | 14 days ago
New Zealand GDP Expands 0.8% In Q1

New Zealand GDP Expands 0.8% In Q1

New Zealand's gross domestic product expanded by a seasonally adjusted 0.8 percent on quarter in the first quarter of 2025, Statistics New Zealand said on Thursday.
RTTNews | 26 days ago
New Zealand Building Consents Slump 15.6% In April

New Zealand Building Consents Slump 15.6% In April

The total number of building permits issued in New Zealand was down a seasonally adjusted 15.6 percent on month in April, Statistics New Zealand said on Friday - following the 10.7 percent increase in March. In April, there were 2,418 new dwellings consented, comprising: 1,148 stand-alone houses; 1,105 townhouses, flats, and units; 85 retirement village units; and 80 apartments.
RTTNews | 46 days ago