Plus   Neg

New Zealand Services Growth Slows Sharply In February

New Zealand's service sector expansion slowed sharply in February to its weakest rate since in seven-and-a-half years, survey figures from Business NZ showed on Monday.

The performance of services index, or PSI, dropped to 52.0 in February from 57.2 in January. However, any reading above 50 indicates expansion in the sector.

This was the lowest level of expansion since September 2012.

The sub-index for new orders fell to 54.6 in February from 62.9. Supplier deliveries was the lowest since November 2008, with the relevant index declining to 44.2.

"Like its sister survey the PMI, there was a marked increase in the number of respondents mentioning Covid-19," BusinessNZ chief executive Kirk Hope said.

"How much more this plays out in the months ahead will obviously depend on the ability to slow down its spread both domestically and offshore."

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT