New Zealand's services sector PSI dropped to 47.5 in March, signaling contraction.

New Zealand's services sector fell back into contraction in March, with the BNZ-BusinessNZ Performance of Services Index (PSI) dropping to 47.5 from 53.0 in February. This follows weak PMI data, suggesting a potential GDP decline of over 2% compared to the previous year, which is more severe than current forecasts. Sales, new orders, and supplier deliveries all contracted, while employment saw mild expansion.