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Reuters
Reuters
Business

New Zealand manufacturing activity contracts in December

FILE PHOTO: A sailing boat can be seen in front of the central business district (CBD) of Wellington in New Zealand, July 2, 2017. Picture taken July 2, 2017. REUTERS/David Gray/File Photo

Manufacturing activity in New Zealand contracted in the last month of 2020 to its lowest level since May, a survey showed on Friday.

The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) contracted to 48.7 in December from 54.7 in the previous month.

A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.

(Reporting by Praveen Menon; Editing by Chris Reese)

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