The ANZ Truckometer is a measure of traffic flow in NZ and is used as a proxy for New Zealand GDP
For 'heavy' vehicles: +1.6% m/m
- prior -4.3%
For 'light' +2.0% m/m
- prior was -1.4%
'Key points' on this release from ANZ, in summary:
- The two Truckometer indexes returned to their upward trends in February
- The Heavy Traffic Index suggests that GDP growth was very strong in 2015 Q4 but with two months of data in, Q1 is looking considerably softer
- GDP will likely smooth through the volatility to some extent
- The strong trend in the Light Traffic Index was restored in February, suggesting good momentum in the economy as 2016 kicks into gear
- We will be watching the Truckometer indexes closely for an early heads up on any impact on domestic activity from the tightening in financial conditions which can typically flag a turn in momentum
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We've already had a weight attached to the NZD today: Fonterra cuts forecast milk price to NZ$3.90 vs $NZ3.95 prior
$3.90 is a 9-year low
