AusBN - Australia’s manufacturing industry has hit a sixth consecutive month of growth in March, although increasing energy prices slowed the pace of growth in the sector.
The Australian Industry Group performance of manufacturing index (AiGPMI) fell by 1.8 points to 57.5 during March, but remained well beyond the 50 points mark, which indicates industry growth.
Key growth areas included the food and beverages, machinery and equipment, metals products, and non-metallic minerals sectors.
The Ai Group also revealed that rising sales, production, employment and exports had also boosted overall factory activity.
Ai Group chief executive Innes Willox said: “With new orders also growing strongly, the immediate outlook is for further and very welcome expansions in the manufacturing sector.”
However, Willox also warned the industry is yet to fulfil its full potential, with uncertainties over energy affordability, security and sustainability beginning to loom over the national manufacturing industry.