New Zealand’s manufacturing sector maintained solid expansion in February, even as momentum edged slightly lower, according to the latest Business NZ Performance of Manufacturing Index (PMI). The index dipped to 55.0 in February 2026 from 55.2 in January 2026, remaining comfortably above the 50-point threshold that separates expansion from contraction.
The marginal decline suggests that while the pace of growth has cooled slightly, underlying activity in the sector remains robust. With back-to-back readings above 55, the data indicate continued resilience in New Zealand’s manufacturing base early in 2026.
The figures, updated on 12 March 2026, will be closely watched by market participants and policymakers for signs of whether the current expansion can be sustained, or if the modest easing in February heralds a more gradual normalization in manufacturing growth over the coming months.