Episode Details

New Zealands services sector continues to contract, despite a slight uptick in April. High fuel prices and reduced non-essential spending are the main culprits. The sector, which accounts for most of the economy, remains below the fifty mark, indicating contraction. Most businesses report negative sentiment, with fuel costs and global shipping disruptions posing significant challenges. While new orders show some improvement, employment, sales, and supply chain efficiency remain in decline. Smaller businesses, particularly those with fewer than ten employees, are struggling more than larger ones. Employment figures have been in contraction for nearly two and a half years, and discretionary spending, especially in hospitality, has dropped significantly. The overall economic outlook remains grim, with predictions of slow growth, possibly barely above zero, in the second quarter.

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