Key facts
- New Zealand's manufacturing activity expanded in August, though at a slower pace than the previous month.
- The Bank of New Zealand-BusinessNZ seasonally adjusted Performance of Manufacturing Index (PMI) dipped to 53.1 in August, down from 54.3 in July.
- A PMI reading above 50 indicates manufacturing activity is expanding.
- Businesses cited cost-of-living pressures and the Middle East conflict as factors weighing on growth.
New Zealand's manufacturing activity continued to expand in August, although at a slower pace than the previous month. The seasonally adjusted Performance of Manufacturing Index (PMI) from Bank of New Zealand-BusinessNZ fell to 53.1 in August, down from 54.3 in July. Despite the decrease, the figure remains above the survey's long-term average of 52.5 and indicates that manufacturing activity is still in expansion territory, as a reading above 50 signifies growth. Businesses surveyed cited cost-of-living pressures and the Middle East conflict as factors contributing to the slowdown in growth.