New Zealand’s manufacturing activity improved again in February, but remained in contraction for the twelfth straight month, a survey showed on Friday.
The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) rose to 49.3 in February from a revised upwards 47.5 in January.
New orders were flat at 47.8. Production was at its highest level since January 2023 at 49.1. Deliveries were at 51.4.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
February’s results showed signs of a gradual turnaround in the sector, BusinessNZ’s Advocacy Director Catherine Beard said in a statement.
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