Activity in New Zealand's services sector - which accounts for about two-thirds of the country's GDP - has plummeted, according to a long running survey. The BNZ – BusinessNZ Performance of Services Index (PSI), which has been going since 2007, recorded the lowest level of activity for a non-COVID lockdown month since the survey began. An index level below 50 shows a contracting services sector, above 50 shows it is expanding. "This tells of a services sector in reverse, at pace," Steel said. That is a massive 13.6 index points below its long-term norm, a comparison only surpassed by the new orders/business indicator that slumped to 42.6 and some 14.5 index points below normal.
