New Zealand’s manufacturing sector finished the year with in solid growth, according to the BNZ – BusinessNZ PMI.
The monthly, seasonally-adjusted survey showed an overall result of 56.4 for December. Any result above 50 indicates growth.
The National Business Review reports that the overall result of was slightly down from November’s 56.7, but compared favourably against the corresponding month a year earlier, which delivered a result of 50. 7.
PMI, in contrast, recorded an overall result of 47.6 in December.
"The combination of strong new
orders and falling inventory in the PMI is a positive indicator for more
production ahead,” said BNZ economist Doug Steel.
"Manufacturing growth might well surprise on the high side given that the difference between the PMI new orders and inventory indicators is at its widest since 2004."
Of the five major indices, four were in expansion, with metal product manufacturing delivering a score of 49.9.
To read the details of the December survey, click here.