New Zealand’s BNZ Manufacturing PMI edged down to 53.5 in November 2018 from an upwardly revised 53.7 in the previous month. Three of the subindices lost steam but remained in expansion zone, whereas two expanded at faster rates compared to October. Production declined to 51.5 from 52.9, new orders edged down to 56.3 from 57.0. and employment slipped to 51.3 from 52.4. In contrast, finished stocks edged higher to 54.2 from 53.1 and deliveries climbed to 52.5 from 50.8. Manufacturing PMI in New Zealand averaged 53.40 from 2002 until 2018, reaching an all time high of 62.80 in June of 2004 and a record low of 36.10 in November of 2008.
Manufacturing PMI in New Zealand is expected to be 52.30 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in New Zealand to stand at 53.00 in 12 months time. In the long-term, the New Zealand Manufacturing PMI is projected to trend around 54.00 in 2020, according to our econometric models.