New Zealand Manufacturing Growth Slows in July
New Zealand manufacturing activity expanded in July but at a slower pace than June due to rising costs and cautious consumer spending.
Manufacturing activity in New Zealand continued to expand in July, though the rate of growth decelerated from a previous peak. The Bank of New Zealand-BusinessNZ seasonally adjusted Performance of Manufacturing Index fell to 54.3 in July, down from a revised 60.1 in June, which had been the highest level since July 2021.
BusinessNZ and the Bank of New Zealand attributed the slowdown to weakened business sentiment. This shift was driven by cautious consumer spending and rising costs associated with conflict in the Middle East.
Catherine Beard, Director of Advocacy for BusinessNZ, noted a concerning trend in sector feedback. She stated that 57% of comments regarding the sector were negative, suggesting that the momentum from the previous month's exceptional performance has eased.
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