New Zealand's services sector expanded at their fastest rate in eight years last month, according to the latest performance of services index (PSI) out Monday.
The BNZ-Business New Zealand PSI for November was 59.8 - on a scale where above 50 indicates expansion and below 50 contraction - up 3.3 points from October and the highest since November 2007.
Business New Zealand chief executive Phil O'Reilly said it added a very healthy level of expansion in the sector over the last six months, and comments from the survey centered on a steady stream of activity and opportunities for growth.
"Above all, the key indicators of activity/sales (62.3) and new orders/business (64.2) have consistently remained in healthy territory, which has flowed through into the overall result," O' Reilly said in a statement.
The GDP-weighted performance of composite index, which combines the performance of manufacturing index and PSI, was up 2.8 points in November to 58.7.
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