New Zealand’s BusinessNZ Performance of Services Index fell to 48.0 in February 2026 from a downwardly revised 50.7 in the previous month, marking the first contraction in services activity since last November and underscoring the fragility of economic momentum. Most sub-indices weakened, including activity/sales (47.9 vs 53.8 in January), new orders slipped (49.3 vs 51.6), employment (47.2 vs 49.0), and stocks (46.7 vs 49.4). Meanwhile, the delivery times index edged down (48.7 vs 49.4), indicating faster supplier deliveries. Looking ahead, the March survey will be the first to capture the potential business impact of the turmoil in the Middle East, meaning hopes for a near-term rebound may prove premature.