New Zealand Manufacturing PMI

The BusinessNZ Performance of Manufacturing Index (PMI) in New Zealand decreased to 53.2 in March 2025, down from 53.9 in February. Despite the slowdown, the index signaled expansion for the third consecutive month, with mixed signals across the sector. Production reached 54.2, its highest since December 2021, and employment rose to 54.7, the strongest since July 2021, indicating a solid recovery. However, new orders fell into contraction at 49.6, reflecting continued demand challenges. Finished stocks surged to 56.3, suggesting manufacturers are building inventory. While negative comments slightly decreased from February, more than half of respondents still pointed to weak demand, fewer orders, and uncertainty in both domestic and export markets. With global trade policy shifts creating market volatility, the outlook for manufacturing and overall economic growth remains cautious.