18.01.201819:55:00UTC+00New Zealand Manufacturing Sector Slows Sharply

The manufacturing sector in New Zealand continued to expand in December, albeit at a sharply lower rate, the latest survey from Business NZ revealed on Friday with a PMI score of 51.2.

That's down from 57.7 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

It also marks a five-year low score for the index.

All five of the sub-indexes fell in December, with the biggest drop coming from new orders (57.3 down to 50.2).

"Anecdotal evidence, across the economy, suggests there was a post-election hiccup in activity as businesses put off major spending," BNZ said in a statement accompanying the data.