New Zealand’s services sector fell back into contraction during March. The BNZ – BusinessNZ Performance of Services Index (PSI) comes in at 47.5:
- prior 53.0
- long-term average is 53.4
BNZ’s Senior Economist Doug Steel:
- “combining today’s weak PSI activity with last week’s similarly weak PMI activity, yields a composite reading that would be consistent with GDP falling below by more than 2% compared to year earlier levels. That is much weaker than what folk are forecasting”.
