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New Zealand : July shows manufacturing slowdown in textiles & food |
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2004-8-16
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Manufacturing slowed in July as textile and food companies cut production in the southern hemisphere winter and new orders weakened, according a survey report released by in Wellington by Australia & New Zealand Banking Group Ltd. and Business New Zealand Ltd., an employer group.
The manufacturing index fell to 57.5 points from 62.2 in June while it rose to 51.6 a year earlier.
Due to drop in supplies of wool, skins and commodities, production of textiles, leather and food saw significant decline in winter. On the brighter side was the rising consumer spending which was spurring demand for clothing, furniture, carpets and timber, fueling growth in the $77 billion economy.
“Although seasonal activity has caused a fall in expansion for some firms, most were faring better than last year,” ANZ Bank said in the statement.
“Some firms have reached production capacity.”
However, some analysts informed that shortages of workers and production facilities would force manufacturers to raise wages and prices.
Meanwhile New Zealand''s economy registered 5 percent growth, up from 4 percent last year during the same period.
It is understood that the central bank which last month raised interest rates to 6 percent and may raise rates twice more to slow spending conveyed several analysts. |
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