FX.co ★ New Zealand Services Activity Slips Further as PSI Falls to 46.0 in April Update

New Zealand’s services sector showed a further loss of momentum, with the Performance of Services Index (PSI) easing to 46.0 in the latest update released on 12 April 2026. This marks a decline from the previous reading of 47.6 recorded in February 2026, signaling a deeper contraction in activity across the services economy.

A PSI reading below 50 typically indicates a contraction in the sector, and the drop from 47.6 to 46.0 suggests that conditions have deteriorated rather than stabilized. The latest figure reinforces signs of ongoing softness in New Zealand’s services industries, which are a key driver of employment and overall economic performance.

With the PSI now firmly below the 50 threshold for consecutive readings, the data point to sustained pressure on services providers. Market participants and policymakers are likely to watch upcoming releases closely for indications of whether this downturn will extend further or begin to bottom out in the months ahead.