Australia’s manufacturing activity expanded at the quickest pace in almost twelve years in March, the latest survey from the Australian Industry Group revealed on Friday.
The Performance of Manufacturing Index surged by 4.6 points from February to 58.1 in March. Any reading above 50 indicates expansion in the sector.
Moreover, the latest reading was the highest since April 2004 and the ninth consecutive month of growth.
“The shift down in Australia’s currency from its highs of two years ago is central to the current growth of manufacturing, boosting exports and import-competing producers,” the agency said.
Among the individual components of the survey, new orders grew sharply for the fifth consecutive month in March. The sub index for production maintained its highest levels since 2004.
The material has been provided by InstaForex Company – www.instaforex.com