Service activity shrinks in BusinessNZ's PMI

Thinks would have been worse if tourism growth hadn't happened. (Image: Getty)

Tue, 23 Jan 2024

BusinessNZ indexes measuring service sector and manufacturing activity show both are shrinking. According to numbers released Tuesday morning, the Bank of New Zealand (BNZ)-BusinessNZ Performance of Services Index (PSI) was below 50 in December – 48.8, down from 51.1 in November.BNZ's head of research, Stephen Toplis, said declines in the PSI and the Performance of Manufacturing Index (PMI) released last week were consistent with the economy "reaching a maximum annual contraction of around 2.0%". On Friday, BN...

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