BNZ – BusinessNZ
Performance of
Services Index

A vintage year – PSI

26 Jan, 2015

58.9

December

-0.9

Monthly Change

expanding

slower rate

New Zealand’s services sector ended 2015 with another healthy monthly result, according to the BNZ – BusinessNZ Performance of Services Index (PSI).

The PSI for December was 58.9. While this was 0.9 points lower than November, it was still the third highest result for 2015 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining).

BusinessNZ chief executive Phil O’Reilly said that December’s result capped off a vintage year for the sector.

“Expansion in the sector averaged 57.8 over 2015, compared with 56.5 in 2014 and 55.8 in 2013. This was certainly helped by the key indicators of activity/sales and new orders/business showing strong growth throughout most months”.

Regarding the November result BNZ Senior Economist Craig Ebert said “when we look at the overall PSI, over the long stretch, it becomes clear that it’s been picking up the pace for a good number of years now”.

View the Time Series Data

Kirk Hope

CEO, BusinessNZ

BNZ - BusinessNZ PSI

Time Series Data

View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PSI

Services Landscape

The PSI

December’s Performance of Services Index wasn’t far off the 8-year high it posted in November. And, like we saw in the latest PMI, it was being led by new orders, with the PSI index on this heaving away at
64.3.
Read more

QSBO Services

As with the PMI, we’ve also referred to the PSI to support a relatively positive view on the economy. This, of course, was tested with the slow GDP outcomes over the first half of 2015, as well as the big swoon in
business confidence we saw last winter.
Read more

GDP Services

The importance of the service sector in maintaining economic growth was highlighted in the 2015 Q3 national accounts.
Read more

Composite Strength

Today’s PSI, combined with the 14-month high we saw in last week’s PMI, is suggestive of GDP growth in the range of 3-4% on an annual basis.
Read more

View full BNZ Services Snapshot

Craig Ebert

Senior Economist, BNZ

+64 4 474 6799

Sponsor Statement

BNZ is delighted to be associated with the Performance of Services Index (PSI) and BusinessNZ.

This association brings together the significant experience of leading business advocacy body BusinessNZ, and business finance specialist BNZ.

We look forward to continuing our association with BusinessNZ and associated regional organisations, and to playing our part in the ongoing development of the New Zealand service sector.

View website

PSI Time Series Table

The results are seasonally adjusted.

National Indicies	Dec 2014	Aug 2015	Sep 2015	Oct 2015	Nov 2015	Dec 2015
BNZ – BusinessNZ PSI	56.7	58.2	59.2	56.4	59.8	58.9
Activity/Sales	57.8	61.6	62.9	57.2	62.4	62.1
Employment	52.2	53.8	53.5	53.2	55.1	53.6
New Orders/Business	60.7	64.0	63.2	56.6	64.4	64.3
Stocks/Inventories	54.7	52.6	57.2	56.3	56.9	55.3
Supplier Deliveries	55.9	55.3	55.3	56.1	57.6	55.4

View the Time Series Data

BNZ – BusinessNZ PSI Time Series

December 2011 – December 2015

International Results

J.P. Morgan Global Manufacturing PSI^TM

06 Jan 2016

53.1

About the PSI

The BNZ – BusinessNZ Performance of Services Index is a monthly survey of the service sector providing an early indicator of activity levels.

A PSI reading above 50 points indicates service activity is expanding; below 50 indicates it is contracting.

The main PSI and sub-index results are seasonally adjusted.

Technical Contact

Stephen Summers
Economist, BusinessNZ

[email protected]

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New Zealand’s services sector continued its path of expansion in February, according to the BNZ – BusinessNZ Performance of Services Index (PSI). The PSI for February was 53.0 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below...

Green shoots?

New Zealand’s services sector climbed back into expansion for the start of 2024, according to the BNZ – BusinessNZ Performance of Services Index (PSI). The PSI for January was 52.1 (A PSI reading above 50.0 indicates that the service sector is generally expanding;...

Activity on holiday

New Zealand’s services sector fell back into contraction during December, according to the BNZ – BusinessNZ Performance of Services Index (PSI). The PSI for December was 48.8 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below...

Over the line

New Zealand’s services sector recorded expansion in November, according to the BNZ – BusinessNZ Performance of Services Index (PSI). The PSI for November was 51.2 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is...

View all PSI releases

BNZ – BusinessNZ
Performance of
Composite Index

58.5

GDP-Weighted Index

58.0

Free-Weighted Index

The seasonally adjusted BNZ – BusinessNZ Performance of Composite Index or PCI (which combines the PMI and PSI) saw the two options for measuring the PCI continuing to show robust levels of expansion for December.

The GDP-Weighted Index (58.5) stayed relatively unchanged, slipping 0.3 points from November, while the Free-Weighted Index (58.0) rose 0.7 points. The last time both measures recorded values over 58.0 was November 2007.

PCI Time Series Table

The results are seasonally adjusted.

National Indicies	Dec 2014	Aug 2015	Sep 2015	Oct 2015	Nov 2015	Dec 2015
GDP-Weighted Index	56.6	57.8	58.6	55.9	58.8	58.5
Free-Weighted Index	56.7	57.1	57.5	54.1	57.3	58.0

View the Time Series Data

BNZ – BusinessNZ PCI Time Series

December 2011 – December 2015

About the PCI

The BNZ – BusinessNZ Performance of Composite Index (PCI) takes into account results from both the Performance of Manufacturing Index (PMI) and the Performance of Services Index (PSI). Combined results are shown in two ways:

GDP-Weighted Index:
Apportions the weight of the manufacturing and services index within the economy to produce an overall result.

Free-Weighted Index:
Combines data from both indexes to produce an overall result.

Both time series for the PCI are then seasonally adjusted.

BNZ - BusinessNZ PCI

Time Series Data

View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PCI

Our Contributors

The BNZ – BusinessNZ PSI contains data obtained through BusinessNZ’s regional organisations

BNZ – BusinessNZ
Performance of
Services Index