Hon Nicola Willis
Minister for Economic Growth

Economic Growth Minister Nicola Willis has welcomed a lift in manufacturing activity, saying it is further evidence that the economy has started to turn around.

The BNZ and Business NZ today reported their performance manufacturing index (PMI) had risen to its highest level since September 2022.

“The increase from 46.2 in December to 51.4 in January follows 22 months of contraction.

“It is early days, but together with high levels of business confidence, the increase indicates the economic growth forecast for this year is beginning to take place.

“I know many families and businesses are still doing it tough after three years of high inflation, high interest rates and cost of living pressures squeezing the family budget and business bottom lines.

“However, this suggests families and business can look forward to better times ahead. It is particularly welcome news for the manufacturing sector after two very tough years. And that is good news for everybody.

“When the sector does well it creates jobs and opportunities for people.”

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