Recent data reveals significant developments in New Zealand's economic indicators and migration trends for February and March. The country witnessed a notable increase in visitor arrivals and permanent/long-term migration in February, with visitor numbers rising to 7,630 from a previous 2,870 and permanent/long-term migration doubling from 3,950 to 7,630, all figures in $NZD. Additionally, New Zealand's external migration and visitors surged by 35.00% in February, up from 21.70% previously. However, the New Zealand Performance of Services Index (PSI) for March experienced a decline, dropping to 47.5 from a previous 53.0, indicating a contraction in the services sector. This mixed bag of economic indicators highlights the dynamic nature of New Zealand's economic landscape, with growth in tourism and migration contrasting with challenges in the service sector.
NEW ZEALAND VISITOR ARRIVALS MOM ACTUAL 7630 (FORECAST -, PREVIOUS 2,870) $MACRO
🇳🇿 New Zealand External Migration & Visitors (Feb) $NZD Actual: 35.00% Previous: 21.70%
🇳🇿 New Zealand Permanent/Long-Term Migration (Feb) $NZD Actual: 7,630 Previous: 3,950
🇳🇿 New Zealand Performance of Services Index $NZD Actual: 47.5 Previous: 53.0
NEW ZEALAND (MAR) BUSINESS PSI ACTUAL: 47.5 VS 53.0 PREVIOUS; EST 52.6
New Zealand Business PSI Mar: 47.5 (prev 53.0; prevR 52.6)
A difference between Nov 14th and December 12th is get one last set of net migration figures. (Maybe something like net 500k, maybe net 400-450k & heading down by Spring, certainly well below 700k peak and well above 250k of 2019) https://t.co/u6VzKXsVY3