ANZ's 'Truckometer' is an indicator of traffic flows in New Zealand, used as a proxy for GDP

Heavy index -1.5% m/m

  • prior +3.9%, revised from +3.0%
  • For the y/y, 6.8%
  • ANZ Heavy Traffic Index shows a strong contemporaneous relationship to GDP

Light traffic index +0.7% m/m

  • prior +1.1%
  • ANZ Light Traffic Index has a six month lead on activity as measured by GDP

ANZ not fussed by the fall for the heavy index this month:

  • cite the 6 month MA saying the economy has exited a 'soft patch'
  • say heavy index showing resilience