WELLINGTON (Reuters) - Manufacturing activity in New Zealand slowed in February as hot weather and storms affected meat and dairy processing, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) was 53.4 in February, down from 54.4 in the previous month but still above December's five-year low of 51.2.
"There is no doubting the Performance of Manufacturing Index has slowed over recent months. That said, February’s PMI is hardly weak in exactly matching its long term average," said BNZ Senior Economist, Doug Steel.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.
(Reporting by Marius Zaharia)
