Sharechat Logo

Manufacturing volumes sank to five-year low last quarter

Monday 15th December 2008

Text too small?
New Zealand manufacturing sank to a five-year low in the third quarter, helping stoke expectations that the domestic economy contracted for a third straight quarter.

The volume of manufacturing sales fell 2.3% to the lowest level since the second half of 2003, according to Statistics New Zealand. The decline was paced by falls in metal products, paper and machinery. The value of manufacturing sales rose 1.3% in the latest quarter.

The manufacturing report helps economists conclude their estimates for third-quarter gross domestic product, which is expected to show a contraction of 0.4%, based on a Reuters survey. It follows the release on Dec. 11 of the Bank of New Zealand-Business NZ Performance of Manufacturing Index, which showed activity sank to a record low in November, with output falling to 29.3, the first time it has fallen below 30.

Today's survey of manufacturing shows the volume of manufacturing sales excluding meat and dairy fell 3.2%. Manufacturing activity rose by an 8.5% annual pace in the third quarter.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

FreshLeaf: Cannabis on course to be 'medicine of the masses'
Arvida Group Limited (NZX: ARV) to Acquire Arena Living Retirement Living Portfolio
My Food Bag Group Limited (NZX: MFB) Market Update and HY Results Announcement Date
Harmoney Corp Limited (NZX: HMY) Delivers Record September Quarter
Vital Healthcare Property Trust (NZX: VHP) Announces Successful Completion of $115m Placement
14th October 2021 Morning Report
General Capital Limited (NZX: GEN) Completes Greenfern Listing
13th October 2021 Morning Report
Hotel Montreal: Patterson Family Buys Christchurch's Hotel Montreal