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Growth in New Zealand services sector rebounds in October

Xinhua, November 15, 2016 Adjust font size:

A boom in tourism and rising domestic spending in October helped drive up growth in New Zealand's services sector, according to the latest performance of services index (PSI) out Tuesday.

The BNZ-Business New Zealand PSI rose 2.1 points to 56.3 in October, on a scale where above 50 represents expansion and below 50 contraction.

Business New Zealand chief executive Kirk Hope said the rebound after a drop in expansion during September was welcome, with all sub-indices showing stronger results.

"It was welcoming to see the key indicators of activity/sales (58.4) and new orders/business (56.3) showing stronger expansion, with the former at its second highest level for the last five months," Hope said in a statement.

"Also, employment (54.7) bounced back to its highest level of expansion since May."

BNZ senior economist Doug Steel said the PSI indicated above-trend economic growth was continuing.

"Strong results right across the distribution sector are more evidence of buoyant domestic spending and a booming tourism industry," Steel said in the statement.

The GDP-weighted performance of composite index, which combines the PSI and the performance of manufacturing index, rose 1.6 points from September to 56.3 last month. Endit