New Zealand services PMI (December 2024) 47.9 (prior 49.1)

New Zealand’s services sector PMI from the BNZ – BusinessNZ Performance of Services Index (PSI) for December 2024:

47.9

• prior 49.1

New Zealand’s services sector exhibited a faster rate of contraction

• well below the average of 53.1 over the history of the survey
• sector has now been in contraction for ten consecutive months
• Respondents’ comments were heavily focused on the cost of living and the general economic climate/recession.

BNZ’s Senior Economist Doug Steel:

• “comparing across our key trading partners, New Zealand has the only PSI in contraction. Our neighbour Australia is the closest comparison, but their equivalent PSI is sitting more comfortably at 50.8”

Earlier this month:

• New Zealand December Manufacturing PMI 45.9 (prior 45.5)

This article was written by Eamonn Sheridan at www.forexlive.com.