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Growth accelerates in New Zealand manufacturing sector

Xinhua, March 13, 2015 Adjust font size:

Growth in New Zealand's manufacturing sector rebounded last month after falling significantly in January, according to the latest performance of manufacturing index (PMI) out Friday.

The BNZ-Business New Zealand PMI for February was 55.9, up 5.2 points from January, on a scale where above 50 indicates expansion and below 50 contraction.

The February reading was similar to the level of expansion seen in November last year, Business New Zealand executive director for manufacturing Catherine Beard said in a statement.

"After the January results that showed lackluster expansion, the increase in February was more in line with what we've seen over the last two years," said Beard.

"Although all sub-indexes were positive, the fact that new orders recovered to show its highest value for over a year should flow through into PMI results in the coming months."

All five sub-indices were in expansion in February, with new orders on 61.5, deliveries on 58.2, finished stocks on 54.3, employment on 52.5 and production on 51.8. Endi