New Zealand - ANZ's GDP proxy indicator mixed in November

ANZ New Zealand with their monthly 'truckometer' indicator.

Light Traffic Index -6.4% m.m in October

Heavy Traffic +1.0% m/m

ANZ caution that:

• Differing regional lockdown restrictions mean that the Truckometer indexes are unlikely to be a reliable GDP indicator in the near term.

And "Looking forward:

• New Zealand is on a path to ongoing easing in restrictions via vaccination - though the details remain somewhat murky. Experience both in New Zealand and overseas suggests a vigorous bounce-back in both traffic flows and activity will occur, though falling consumer confidence suggests some scope for disappointment for retailers anticipating a ferocious Christmas rush.