Weaker exports fail to dampen growth in Aust manufacturing
Manufacturing growth picked up solidly in December with the Australian Industry Group - PricewaterhouseCoopers Australian Performance of Manufacturing Index (Australian PMI®) rising 3.8 points to 57.6 (remaining above the key 50.0 level separating expansion from contraction).
Ai Group Chief Executive, Heather Ridout, said: “The remarkably resilient performance from the manufacturing sector has occurred on the back of the strong domestic economy. Export growth remains weak, however, reflecting the high exchange rate.
“The ongoing competitive pressures that manufacturers are facing and the increasing uncertainties globally, especially the US economy, puts a premium on economic policies that improve the ability of manufacturers to raise productivity and compete,” Ridout said.
PricewaterhouseCoopers Global Leader of Industrial Manufacturing, Graeme Billings, said: “The contrasting drivers of manufacturing’s recent performance and strong competitive pressure at a time of solid demand, means that maintaining and enhancing profitability continues to rely heavily on effective cost control and increasing efficiency in manufacturers’ operations,” Billings said.
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