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New Zealand's Service Sector Expands In March

4/15/2012 11:10 PM ET

New Zealand's service sector expanded for twentieth consecutive month in March, though growth eased marginally from February, results of a key survey revealed Monday.

The Bank of New Zealand -BusinessNZ Performance of Services Index (PSI) fell 1.9 points from from February to 53.9 in March. With a reading comfortably above 50, the index still pointed to healthy expansion of service sector.

The March result was also the second highest value recorded for that month since the survey began in 2007.

BusinessNZ chief executive Phil O'Reilly said that exceeding the February result would have been ideal, but the fact that expansion did not slip dramatically provides some encouraging signs for the sector.

by RTT Staff Writer

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