(MENAFN) Growth in New Zealand's services segment dipped last month to its lowest level in over a year, based on the latest performance of services index (PSI).
Specifically, the BNZ-Business New Zealand PSI for the previous month was 54.8 on a scale where more than 50 indicates expansion and below 50 reflects contraction.
It was clear over recent months that the momentum of growth has braked since a high point late last year, but March is still running above the historical average of 53.9.
Moreover, the GDP-weighted performance of composite index, which combines the PSI and the performance of manufacturing index, was down 1.7 points to 54.8 in March.
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