New Zealand’s service sector expanded at the weakest pace in eight months in October, figures from Business NZ showed Monday.
The performance of services index, or PSI, dropped to 56.2 in October from 59.0 in September. However, any reading above 50 indicates expansion in the sector.
The latest reading was the slowest since February, when it marked 55.9.
Both activity and new orders grew at a slower pace in October. But it remained in healthy territory, and bodes well for a strong year for the sector.
BNZ Senior Economist Craig Ebert said that in relation to the sectors combined ” the PSI and PMI still give the impression of an economy growing at a comparatively solid pace at the outset of Q4, following a champing performance through Q3.”
The material has been provided by InstaForex Company – www.instaforex.com