New Zealand’s BNZ Manufacturing PMI rose to 51.3 in June 2019 from an upwardly revised 50.4 in the previous month but below market expectations of 53.1. The latest reading pointed to a stronger expansion in factory activity, as output (51 from 46.8 in May); new orders (52.8 from 50.7) and finished stocks (57.6 from 56.8) increased. On the other hand, deliveries fell into contraction territory and to its lowest level since September 2012 (48.9 from 51.2) and employment dropped to a near 3-year low (48 from 48.5). Manufacturing PMI in New Zealand averaged 53.37 from 2002 until 2019, reaching an all time high of 62.80 in June of 2004 and a record low of 36.10 in November of 2008.
Manufacturing PMI in New Zealand is expected to be 53.00 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 53.00 in 12 months time. In the long-term, the New Zealand Manufacturing PMI is projected to trend around 54.00 in 2020, according to our econometric models.