The manufacturing sector in New Zealand continued to expand in December, and at a sharply higher pace, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 56.1.
That’s up from the upwardly revised 51.7 in November (originally 51.4) and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, production (57.4), employment (53.8), new orders (59.8), finished stocks (52.2) and deliveries (56.1) all were in expansion.
“The PMI is positive for Q4 GDP calculations and points to good momentum heading into the New Year. At face value, it suggests upside risk to the positive view we already have for manufacturing and near-term GDP growth forecasts,” BNZ Senior Economist Doug Steel said.
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