The manufacturing sector in New Zealand continued to expand in January, and at an accelerated pace, the latest survey from Business NZ revealed on Friday with a Manufacturing PMI score of 55.6.
That’s up from 51.2 in December, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
“While the NZ PMI has led the world for the last five years, the global PMI has now pretty much caught up. This suggests the international investment cycle is clicking into place and promises to self-sustain the global economic expansion. This should be good for manufacturing industries, New Zealand included,” said BNZ Senior Economist Craig Ebert.