16.11.201723:09:00UTC+00New Zealand Manufacturing Growth Robust In October

The manufacturing sector in New Zealand continued to expand strongly in October, latest survey figures from Business NZ showed Friday.

The Performance of Manufacturing Index, or PMI, dropped to 57.2 in October from 57.6 in September. However, any reading above 50 indicates expansion in the sector.

Moreover, the sector has remained in expansion in all months since October 2012.

The overall growth in October was mainly driven by solid rises in production and and new orders.

"October's result was certainly encouraging, as was September's - bearing in mind the PMI is about the nuts and bolts of activity rather than sentiment about where things might be heading," BNZ Senior Economist, Craig Ebert, said.