BNZ – BusinessNZ
Performance of
Manufacturing
Index

Autum tinge – PMI

16 Apr, 2015
54.5
March
-1.6

Monthly Change

expanding
slower rate

Despite a slower rate of expansion, New Zealand’s manufacturing sector remains in solid territory, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for March was 54.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 1.6 points lower than February, although still in healthy expansion mode.  The sector has now been in expansion for 30 consecutive months.

BusinessNZ’s executive director for manufacturing Catherine Beard said although the level of expansion was not as strong as the previous month, activity was still healthy and positive across most of the sub-indices recorded.

“Comments from respondents remained more positive (60%) than negative (40%), although a number of those that provided a negative influence mentioned the increased value of the New Zealand dollar, in particular against the Australian.  This is something we’ll continue to watch out for in the months ahead.”

BNZ senior economist Craig Ebert said, “Both the PMI and Quarterly Survey of Business Opinion (QSBO) show New Zealand’s manufacturing sector remaining in relatively good heart. Confidence in this area of the economy is up, building intentions reached their highest level ever in the QSBO, and plant and machinery intentions reached their highest level since September 1994. The nation’s manufacturing sector was at the forefront of this.”

Catherine Beard

Catherine Beard

Director, Advocacy BusinessNZ

BNZ - BusinessNZ PMI

Time Series Data

View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PMI

Manufacturing Snapshot

Manufacturers Upbeat

New Zealand’s manufacturing sector remains in relatively good heart, judging by the latest Performance of Manufacturing Index.
Read more  

Investment Cycle Strong

But what really jumped out at us in the latest QSBO was the look of New Zealand’s business investment cycle.
Read more  

As Capacity Constraints Bite

But then with capacity constraints beginning to bite, and demand growth looking so robust, what else is a business to do but lift its investment in capital and labour.
Read more  

Exchange Rate Headwinds Revolve

Yet if we were to look at just the exchange rate we would have to assume New Zealand’s manufacturing sector should be in a deep recession by now.
Read more .

Craig Ebert

Craig Ebert

Senior Economist, BNZ

Sponsor Statement

BNZ is delighted to be associated with the Performance of Manufacturing Index (PMI) and BusinessNZ.

This association brings together the significant experience of leading business advocacy body BusinessNZ, and business finance specialist BNZ.

We look forward to continuing our association with BusinessNZ and associated regional organisations, and to playing our part in the ongoing development of the New Zealand manufacturing sector.

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Mar
2014
Nov
2014
Dec
2014
Jan
2015
Feb
2015
Mar
2015
BNZ – BusinessNZ PMI 57.7 55.4 57.4 51.0 56.1 54.5
Production 58.2 56.2 61.9 47.4 52.6 55.1
Employment 55.9 54.0 49.8 50.9 52.3 49.5
New Orders 60.6 56.0 61.4 50.3 61.4 57.4
Finished Stocks 51.5 51.5 51.1 56.1 54.2 53.0
Deliveries 56.8 56.4 57.9 53.9 58.0 54.9

BNZ – BusinessNZ PMI Time Series

March 2018 – March 2022

International Results

J.P. Morgan Global Manufacturing PMITM

01 Apr 2015
51.8

About the PMI

The BNZ – BusinessNZ Performance of Manufacturing Index is a monthly survey of the manufacturing sector providing an early indicator of activity levels.

A PMI reading above 50 points indicates manufacturing activity is expanding; below 50 indicates it is contracting.

The main PMI and sub-index results are seasonally adjusted.

PMI Releases

Building blocks – PMI

New Zealand's manufacturing sector saw another lift in expansion for August, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for August was 54.9 (a PMI reading above 50.0 indicates that manufacturing is...

On the margins – PMI

New Zealand's manufacturing sector rose back into expansion for July, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).The seasonally adjusted PMI for July was 52.7 (a PMI reading above 50.0 indicates that manufacturing is generally...

Mid year blues – PMI

New Zealand’s manufacturing sector fell back into contraction for the first time since the most recent national lock-down in August 2021, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

Soldering on – PMI

New Zealand’s manufacturing sector remained under its long-term average level of activity for May, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

Slow grind – PMI

New Zealand’s manufacturing sector experienced a lower level of expansion during April, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

Our Contributors

The BNZ – BusinessNZ PMI contains data obtained through BusinessNZ’s regional organisations