Ending on a high note – PMI

21 Jan 2016




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Catherine Beard

Director, Advocacy BusinessNZ

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New Zealand's manufacturing sector recorded its highest month of expansion for 2015 in December, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for December was 56.7 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 1.8 points higher than November, and the highest level of expansion since October 2014.  The sector has now been in continued expansion since October 2012.

BusinessNZ's executive director for manufacturing Catherine Beard said that the December result was an encouraging way to end the year.

"Overall, it has been a solid and positive year for the sector.  Although the PMI averaged 54.2 over 2015 compared with 56.0 for both 2013 and 2014, the slightly lower expansion level was partly due to the first half of 2015 experiencing a moderate patch of growth.  However, results over the last few months have seen the sector in stronger expansion.    

BNZ Senior Economist Craig Ebert said "as well as for its outright strength, New Zealand's PMI remains notable for the way it keeps defying the struggle that global manufacturing continues to undergo".

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Main Indicies

Regional Results

Manufacturing Snapshot

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Craig Ebert

Senior Economist, BNZ


The Performance of Manufacturing Index (PMI) increased to a 14-month high in December. This is a good sign for upcoming output, which is already running robustly in the PMI.
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Q3 Activity

Having been a drag on GDP over the first half of 2015, NZ manufacturing activity re-bounded very well in the September quarter of 2015. A 2.8%bounce, in fact.
Read more  

QSBO comparisons

The month to month results of the PMI have  been a good pointer to the manufacturing component of the latest Quarterly Survey of Business Opinion. While manufacturers in the QSBO registered a net negative sentiment  in Q3it reclaimed positive territory through Q4.
Read more  

Exchange rate

It's always difficult to know what's driving New Zealand's manufacturing industry at any point in time. However, it seems fair to say that there is always good leverage off the construction industry.
Read more .

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Dec
BNZ - BusinessNZ PMI 56.454.955.053.354.956.7
Employment 49.653.051.252.753.853.0
New Orders59.457.257.556.058.159.7
Finished Stocks49.952.752.549.450.154.1

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2018 – December 2016

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
4 Jan 2016


International PMI