New Zealand's manufacturing sector continued to expand in March backed by an improvement in new orders and production, a survey by Bank of New Zealand and Business NZ showed Thursday.
The headline BNZ - BusinessNZ Performance of Manufacturing Index (PMI) scored 54.5 in March. A PMI reading above 50 indicates expansion. Though the result was 3.2 points down from February, it was the second highest since May 2011 and third highest since June 2010.
The March result ensured some further impetus as both new orders and production kept manufacturers busy, BusinessNZ's executive director for manufacturing Catherine Beard said.
Four of the five seasonally adjusted main diffusion indices were in expansion during March, led by production and new orders, the survey report said.
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