NZ data - ANZ Truckometer for October: +0.9% (prior was +1.7%)

ANZ Truckometer, a proxy for New Zealand GDP, for October

• prior was +1.8%, revised from +1.7%

'Key points' from ANZ:

• Heavy Traffic Index 1 lifted another 0.9% in October ... Heavy Traffic Index suggests that Q3 GDP growth may be in a 0.5-1.0% q/q range , which would be a clear improvement on the lacklustre rates seen in the first half of this year. The strong October result is also a good start to Q4
• The Light Traffic Index , which leads growth in the economy by six months, largely held onto September's 2.6% surge , dipping just 0.3% ... Light Traffic Index suggests that momentum in the economy should continue into 2016 , in the absence of any untoward events
• The renewed strength in the Truckometer indexes is consistent with the recent rebound in business confidence. We are now watching the recent about- turn in dairy prices, which has the potential to dampen spirits again. However, the non -dairy agriculture, construction, housing, services and tourism sectors continue to perform very well and have the economy back on the ascent and refusing to roll over