NZ service activity picks up in October 15 Nov 2016
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Minister launches SmartGate in Wellington Travel
- Authentic Kiwi hospitality for 2011 rugby fans Property
- Unique website launched for Rugby World Cup Sport
- Knowles quits as CEO of KiwiBank Business
- Snow on The Remarkables Living
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- B&Bs advised against highly inflated tariffs Sport
Tuesday 15 November 2016 11:32 AM
NZ service activity picks up in October as tourism boom continues
By Paul McBeth
Nov. 15 (BusinessDesk) - Activity in New Zealand's service sector, which accounts for about two-thirds of the economy, expanded last month as the country's tourism boom continues, adding to increased consumer spending from a swelling population.
The BusinessNZ-BNZ performance of services index rose 2.1 points to 56.3 in October, still above the long-term average of 54.1. All five sub-indices rose and remained above the level of 50 that separates expanding activity from contraction.
"Current spending indicators are unequivocally strong. In the PSI, retail was one industry that stood out in October," Bank of New Zealand economist Doug Steel said in his report. "An ongoing tourism boom is part of this. Indeed, the tourism-associated accommodation, cafes and restaurants industry in the PSI was even strong than retail itself with an unadjusted reading of 68.8."
The survey was to have come out ahead of Statistics New Zealand's September quarter retail trade survey, though this week's earthquake damaged the agency's building and delayed data releases for the time being.
The PSI's biggest increase was in employment, which gained 3.1 points to 54.7, though activity/sales activity at 58.4 expanded at the fastest pace. New orders/business rose 0.5 points to 56.3, while stocks/inventories was up 0.7 points to 54 and supplier deliveries rose 2.7 points to 54.6.
The survey's sister series, the performance of manufacturing index, last week showed industrial production slowed down in October, while remaining ahead of its long-run average. Manufacturing has ridden the construction boom that's been in place since the Canterbury rebuild kicked off.
BNZ's Steel said the two surveys indicate economic growth will be above average in 2017, though "a touch slower than that achieved" this year.
The composite index, which marries the PSI and PMI, increased 1.6 points to 56.3 on a GDP-weighed basis and slipped 0.4 points to 55.4 on a free-weighted basis.
(BusinessDesk)
ends
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more