NZ: Services industry faces challenges
New Zealand Services Sector Experiences Downturn in March
New data from the BNZ – BusinessNZ Performance of Services Index (PSI) reveals that New Zealand's services industry shrank in March. The PSI registered a score of 46.0 for the month, signaling a decline in the sector since any value below 50.0 reflects contraction, while readings above 50.0 indicate growth. This figure marks a decrease of 1.6 points from February and is 6.6 points below the survey's historical average of 52.8.
Katherine Rich, CEO of BusinessNZ, noted that the ongoing conflict in Iran is having a noticeable impact on New Zealand’s services sector. She highlighted that businesses focused on non-essential spending, such as accommodation and cafes, are particularly affected.
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