May 13, 2018 / 10:35 PM / in 9 months

New Zealand service activity growth eases in April -BNZ survey

WELLINGTON, May 14 (Reuters) - Growth in New Zealand’s services sector edged down in April, a survey showed on Monday, easing off from the rapid pace it struck the previous month.

The Bank of New Zealand-Business NZ’s seasonally adjusted performance of services index (PSI) slipped 2.7 points to 55.9 from the previous month, when it had grown at the fastest rate in more than a year.

A reading above 50 indicates expansion in activity, and economists said the index remained at high levels despite the drop.

“Even with its big fall in April, the PSI remained better than average,” said Craig Ebert, senior economist at BNZ, adding that the index’s long-term average was 54.5.

Reporting by Charlotte Greenfield; Editing by Peter Cooney

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