New Zealand service activity falls sharply in April: BNZ survey

[WELLINGTON] Growth in New Zealand's services activity slowed down sharply in April to its lowest level in almost five years, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) fell six points to 52.8 from the previous month.

Given April had encompassed public and school holidays and a series of storms and cyclones battering the country, economists suspected the drop was temporary. "That said, it will be good to see a decent bounce back in May to confirm that is indeed the case," said BNZ economists in a research note accompanying the release.

REUTERS