Wellington, Sep 13 (IANS) New Zealand’s manufacturing sector saw a record growth in August, according to the latest figures of the performance of manufacturing index (PMI) released Friday.
The index readings for Business New Zealand, a national organisation representing the interests of businesses in the country, was 57.5 in August, which was 2 points lower than July’s figure, Xinhua reported.
It was however the highest ever recorded for the month of August since the survey began in 2002.
Over the last four months, the PMI had averaged a strong 57.8 on a scale where a reading above 50 points indicates expansion, while below 50 points means contraction.
Catherine Beard, Business New Zealand executive director for manufacturing, offered an explanation about the surge in manufacturing figures.
“At a domestic level, many of those involved in the building and construction sectors are seeing strong demand for their products, but at the same time various offshore customers are providing a steady stream of orders for New Zealand goods,” she said in a statement.
