WELLINGTON, Sept 18 (Reuters) - Growth in New Zealand's services sector accelerated in August, suggesting economic growth could pick up, a survey showed on Monday.
The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) rose 1.3 points from the previous month to 57.3.
A reading above 50 indicates expansion in activity. "Melded with the PMI (performance of manufacturing), the latest PSI forms a picture of rude growth in the NZ economy, overall," said BNZ economist Craig Ebert in a research note acompanying the release, adding the results pointed to annual gross domestic product (GDP) of 3 to 4 percent.
Last week, the companion manufacturing survey (PMI) showed activity rising to 57.9 in August from 55.5 the previous month.
New Zealand's previously enviable economic growth has been slipping as the economy hits headwinds such as labour shortages. Second quarter gross domestic product figures will be released on Thursday with most economists expecting annual growth below 3 percent.
