Growth in New Zealand manufacturing set to outpace last year
WELLINGTON, Nov. 11 (Xinhua) -- New Zealand's manufacturing sector is on track to growing faster this year than in 2015, according to the latest performance of manufacturing index (PMI) out Friday.
The BNZ-Business New Zealand PMI for October was 55.2, on a scale where above 50 indicates expansion and below 50 contraction.
The reading was 2.3 points down from September, and the third time in four months activity has been in the 55 point range.
The sector remained solidly in expansion in almost all months since October 2012, Business New Zealand executive director for manufacturing Catherine Beard said in a statement.
The results over most of 2016 had been in a fairly consistent zone of expansion.
"The headline result for the first 10 months of 2016 shows expansion only varying by 2.8 points, with most months seesawing between the 55 and 57 point range," said Beard.
"At this stage, 2016 is shaping up as better than 2015 for the sector, although the next two months will determine the extent to which the sector can keep momentum going to provide healthy levels of expansion."
BNZ senior economist Craig Ebert said in the statement that October's PMI level was "handsomely positive certainly well above its long-term average of 53.2."[ Editor:yfs001]