ANZ Truckometer, a proxy for New Zealand GDP
For December, a big jump to +2.6% m/m
- The prior revised from +0.7 to +0.4%
Key points from ANZ:
- Heavy Traffic Index lifted 2. 6% in December, completing a very strong quarter
- The Light Traffic Index (which leads growth in the economy by six months) increased 1%m/m
- The Heavy Traffic Index flags further acceleration & suggests Q4 GDP growth could be well north of 1% q/q
- The strong upward trend in the Light Traffic Index suggests good momentum in the economy as we kick off the New Year
- New Zealand economy clearly accelerated in the second half of last year
- The non-dairy agriculture, construction, housing, services and tourism sectors - collectively a large proportion of the economy - continue to perform well
- Signs are good for the coming year
- The main risks to growth in 2016 emanate from offshore , with a rough start to 2016 for global markets highlighting vulnerabilities
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The NZD hasn't moved much on the data, it rarely does as its not a top-tier market focus. The focus as we've kicked off the new year is still very much on external developments (i.e. China) for currencies like the NZD, but this result will go into the mix and is an indicator of the NZ 4economy performing better than consensus would have you believe.
