The services sector in New Zealand climbed into expansion territory in March, the latest survey from BusinessNZ showed on Tuesday with a Performance of Services Index score of 51.6.
That’s up from the upwardly revised 48.9 reading in February (originally 48.6) and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, new orders, sales and stocks expanded, while supplier deliveries and employment were mired in contraction.
“Despite some horribly weak components, the PSI supported the idea that GDP is on track to recover in Q2, after a flat-to-negative performance in Q1,” said BNZ Senior Economist Craig Ebert.
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