New Zealand’s manufacturing sector is now in expansion territory, according to a recent survey by BusinessNZ. It was revealed Friday that the Performance of Manufacturing Index score of 50.8 was recorded.
This is an increase from December’s revised 47.8 reading (originally 47.2), and it moves higher above the 50-year-old boom-or-bust line that distinguishes expansion from contraction.
The survey included several components, including employment (51.0), production (52.1), deliveries (51.6) as well as finished stocks (52.6). However, new orders (48.8) continued to shrink.
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Craig Ebert, Senior Economist at BNZ, stated that New Zealand’s manufacturing base seems to have reclaimed a feeling of stability. This meant that New Zealand’s PMI was not all that different from what the global PMI did in the same month.