New Zealand manufacturers see second year of growth in 2014

New Zealand's manufacturing sector accelerated its rate of expansion last month, ending a second straight year of healthy growth, according to the latest performance of manufacturing index (PMI) out Thursday.

The BNZ-Business New Zealand PMI for December was 57.7, up 2.1 points from November, on a scale where above 50 indicates expansion and below 50 contraction.

"Over 2014, the PMI averaged 56.0, which was exactly the same as the average value for 2013," Business New Zealand executive director for manufacturing Catherine Beard said in a statement.

"At the very least, the sector has remained in a position of healthy growth, with comments from respondents typically focused on ongoing and steady demand, both within New Zealand and offshore. "

BNZ senior economist Doug Steel said in the statement that the PMI results were consistent with broader indicators showing that the economy was in good heart.

Four of the five main sub-indices were in expansion in December, with new orders on 62 and production on 61.7, deliveries on 58.7 and finished stocks on 50.4, while employment ended a 14-month expansion streak at 49.4. Endi