SYDNEY (Reuters) – Manufacturing activity in New Zealand expanded for the first time in nearly two years, with key sub-index results for both production and new orders in positive territory, a survey showed on Friday.
The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) jumped to 51.4 in January from a revised 46.2 in December. New orders rose to 50.9 from 46.8 in the prior month.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
“It’s a positive start to 2025, with the manufacturing sector shifting out of reverse and into first gear,” BNZ Senior Economist Doug Steel said in a statement.
(Reporting by Renju Jose in Sydney)
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