BusinessNZ Performance of Services Index (PSI)
- comes in at 49.1, its fourth month in a row under 50 and therefore in contraction
- prior 47.9
The long term average is 53.8.
BusinessNZ comments:
- The slower return to business as usual post-holidays was compounded by the two separate lockdown periods in mid and late February, with Auckland hit hardest.
- key sub-indices of Activity/Sales (50.8) and New Orders/Business (50.3) were both lethargic over February.
BNZ comments:
- we remain decidedly cautious on GDP growth for Q1
