BusinessNZ Performance of Services Index (PSI) for June 2023 comes in still barely in expansion at 50.1
- prior 53.3
- activity levels for the last three months have all been below the long-term average
BNZ Senior Economist Craig Ebert
- “together, the NZ PSI and PMI paint a picture of flat GDP, slightly declining employment, and an order book that does not offer much, if anything, in the way of encouragement”
The New Zealand economy has been slowed by the long and persistent Reserve Bank of New Zealand rate hike cycle aimed at brining inflation under control.