NZ services growth accelerates in May, underpinned by tourism, foreign students

Sun, 14 Jun 2015

By Paul McBeth June 15 (BusinessDesk) - New Zealand's services sector, which accounts for about two-thirds of the economy, grew at a faster pace in May than a month earlier, helped by rising tourist numbers and international students. The BNZ-BusinessNZ performance of services index rose 1.5 points to a seasonally adjusted 58 last month, its highest level since July 2014, and extending a run of continuous expansion since October 2009. Four of the five sub-indices were above the 50 reading that separates contraction from expansion. "We...

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