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Reuters
Reuters
Business

New Zealand manufacturing activity plunges in April

Manufacturing activity in New Zealand fell to its lowest level ever recorded due to the economic impact of the coronavirus pandemic, a survey showed on Friday.

The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) fell to 26.1 in April from 38.0 the previous month.

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

The previous low point was 36.1 in November 2008, which was due to the global financial crisis, the survey said.

(Reporting by Praveen Menon; Editing by Chris Reese)

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