InfoAnda - NZ services sector weakens further in April-survey

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ services sector weakens further in April-survey Reuters - Monday, May 18 WELLINGTON, May 18 - Activity in New Zealand's services sector fell further in April, worsening for the first time in three months, as the economy remained deep in recession, according to a survey on Monday. ADVERTISEMENT The Bank of New Zealand-Business NZ's performance of services index fell 3.4 points to 43.7 last month, after it had posted modest rises in the previous two months. The index, which is not seasonally adjusted, has been below the 50 level that indicates contraction, since April last year. It was 5.2 points lower than the same month a year ago. All five sub-indices deteriorated, with the sharpest decline in activity and sales, followed by deliveries. An economist said weaker tourism, which contributes overall around 10 percent of gross domestic product, was hurting the service sector. "Tourism's success, or otherwise, is split between the revenue it accrues from domestic expenditure in addition to its offshore sourced earnings. In the current environment both are under threat," said Bank of NZ senior markets economist Craig Ebert. Last week, data showed seasonally adjusted retail sales volumes plunged 2.9 percent in the first quarter, the biggest decline on record, as consumers bought fewer cars and appliances. Domestic consumption makes up around 60 percent of the New Zealand economy, which has been in recession since the beginning of last year. Many analysts believe the downturn will continue for much of 2009 given the tough global environment. The Reserve Bank of New Zealand, which has slashed interest rates by a total of 575 basis points since last July, is expected to cut by another 25 basis points at its June 11 rate review. The survey, which started in April 2007, is based on responses from more than 300 service sector companies and mirrors a long-established poll for manufacturing also conducted by Business NZ. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy NZ services sector weakens further in April-surveyReuters - Monday, May 18 China to push investment in Taiwan: reportAFP - Monday, May 18 Recovery talk runs on despite rearview recessionAFP - Sunday, May 17 China electricity use down in April: reportAFP - Sunday, May 17 Related Articles: Business India's Congress cements power; markets to welcomeReuters - Monday, May 18 Baidu in talks with workers on strike over pay -WSJReuters - Monday, May 18 Brazil to help Saudi Arabia with food suppliesReuters - Monday, May 18 New Tom Hanks thriller fails to crack 'Code'Reuters - Monday, May 18 German Opel trustee plan has not failed, Merkel saysReuters - Monday, May 18 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Popular cereal is a drug, US food watchdog says Tough 4th spacewalk underway to repair Hubble Coral Triangle could die by century's end: WWF British store admits it boobed in bra row Australian zoo evacuated after orangutan escape View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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