The BusinessNZ Performance of Manufacturing Index in New Zealand declined to 49.3 in December 2019 from 51.4 in the previous month and below market expectations of 50.6. New orders (51 vs 54 in November), production (48.2 vs 49.4) and deliveries (50.7 vs 52.6) declined. On the other hand, employment increased, still remaining in contraction territory (49.9 vs 49.1) and finished stocks rose (52.8 vs 49.2). “The December result was disappointing. After a couple of months flirting with positivity, the PMI dipped back just below the breakeven line again,” said BNZ Senior Economist, Craig Ebert.

Manufacturing PMI in New Zealand averaged 53.27 points from 2002 until 2019, reaching an all time high of 62.80 points in June of 2004 and a record low of 36.10 points in November of 2008. This page provides - New Zealand Manufacturing Pmi - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Business New Zealand

Manufacturing PMI in New Zealand is expected to be 51.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in New Zealand to stand at 53.40 in 12 months time. In the long-term, the New Zealand Manufacturing PMI is projected to trend around 54.00 points in 2020, according to our econometric models.

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New Zealand Manufacturing PMI

Actual Previous Highest Lowest Dates Unit Frequency
49.30 51.40 62.80 36.10 2002 - 2019 points Monthly

News Stream
New Zealand Manufacturing PMI Dips to 51.4
The BusinessNZ Performance of Manufacturing Index in New Zealand declined to 51.4 in December 2019 from 52.6 in the previous month. Three of the five components stood in contraction zone, while one lost steam and one gained some. New orders declined to 54.5 from 55.6, whereas production dropped to 49.6 from 52.4. Employment (49.2 vs 50.0) and finished stocks (48.6 vs 48.4) also contracted. Only deliveries (52.8 from 51.3) booked a better performance against October. “Overall, our take is that NZ manufacturing is still running a bit below average, but caution is mixing with some hints of improvement. If October’s big lift in the PMI suggested the worst of NZ’s economic slowdown was behind us, November’s consolidation suggests any acceleration is not going to be in a straight line,” said BNZ Senior Economist, Doug Steel.

New Zealand Manufacturing Sector Back to Expansion
The BusinessNZ Performance of Manufacturing Index in New Zealand increased to 52.6 in October 2019 from an upwardly revised 48.8 in the previous month. The latest reading pointed to the first expansion in the factory sector in four months and the sharpest since April, as output (52.6 from 50.9 in September) and deliveries (51.9 from 46.8) rose into positive territory. Also, new orders advanced at the fastest pace in 18 months (56.2 from 50.9) and employment went up slightly (50.2 from 50.1). Meanwhile, finished stocks dropped further (48.5 from 49), remaining into contraction territory and recording its lowest level since February 2014. “The October PMI is hardly what you would call strong. But it is certainly much better than the previous three months where the index languished below 50 which indicated a sector going backwards,” said BNZ Senior Economist, Doug Steel.

New Zealand Manufacturing PMI Unchanged
The BusinessNZ Performance of Manufacturing Index in New Zealand remained unchanged at 48.4 in September 2019, pointing to the third consecutive contraction in the factory sector. Output fell to its lowest level since April 2012 (46.2 vs 49.2 in August) and deliveries of raw material dropped at the fastest pace since March 2011 (46.4 vs 47.9). On the other hand, new orders returned into expansion territory (50.1 vs 45.9) while employment stayed at 50 after four straight declines (vs 49.9 in August). Looking ahead, the proportion of positive comments improved from the previous month.

New Zealand Factory Activity Contracts for 2nd Straight Month
The BusinessNZ Performance of Manufacturing Index in New Zealand edged up to 48.4 in August 2019 from a downwardly revised 48.1 in July 2019. The latest reading pointed to the second consecutive contraction in the factory sector, as output fell into negative territory (49.7 from 51.2 in July) and new orders (45.6 from 48.5) and deliveries (48 from 48.9) shrank further. Also, finished stocks declined slightly (53 from 53.1) while employment rose but still remaining in contraction territory (49.3 from 42.3). “Disconcertingly, the PMI adds to a building case over recent times that there has been a palpable softening in demand - at least for manufactured goods,” said BNZ Senior Economist Doug Steel.

New Zealand Manufacturing PMI
The Business NZ Performance of Manufacturing Index (PMI) is a composite index based on the diffusion indexes for production, new orders, delivered, inventories and employment. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.