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Kiwi services sector slumps

Tan KW
Publish date: Tue, 18 Jun 2024, 08:22 AM
Tan KW
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WELLINGTON: New Zealand’s services sector, which makes up two-thirds of the economy, recorded its weakest level of activity in almost three years as consumers rein in spending.

The Performance of Services Index dropped to 43 in May, the Bank of New Zealand said yesterday in Wellington.

That’s the lowest since August 2021 when largest city Auckland was in lockdown, and the weakest since the survey began in 2007 if months affected by pandemic lockdowns are excluded.

A reading below 50 signals the sector is contracting.

High interest rates have curbed household spending and stalled activity in construction, real estate, retailing and hospitality.

 - Bloomberg

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