According to the latest survey of New Zealand’s manufacturing sector, ANZ-Business NZ Performance of Manufacturing Index (PMI), the country’s manufacturing record increased in June. Footwear and leather were among sectors that recorded overall expansion.
The survey, produced monthly, provides an early indicator of activity levels. A PMI reading above 50 points indicates expansion, with less than 50 points standing for decline. New Zealand’s PMI increased from 54.1 in May to 62.2 in June and is 9 points higher than the June 2003 reading.
Export activity was generally positive across firms for June, with many reporting a pick-up in new orders from Australia, the US and China. New Zealand's economy has defied predictions of a slowdown this year, growing at a stronger than expected rate of 2.3% in the first quarter.
