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The seasonally adjusted BusinessNZ Performance of Composite Index in New Zealand fell to 48.2 in April 2025, down from a downwardly revised 49.4 in March, marking its lowest level since December. The decline was largely driven by a third consecutive contraction in the services sector, amid weak consumer demand, elevated living costs and interest rates, ongoing economic and geopolitical uncertainty, seasonal slowdowns, and subdued business confidence. In contrast, manufacturing activity expanded for the fourth straight month, reflecting a steady recovery in the sector.