ANZ's proxy measure for New Zealand economic growth, the Truckometer is a measure of traffic flows

The 'heavy' traffic index comes in at -4.2% m/m

  • previous +2.9%, revised from +1.1%
  • For the y/y result, comes in at +6.3%

'Light' traffic index -1.7% m/m

  • prior +1.3%
  • y/y is above 6% still
  • ANZ comments on the light index, saying it is giving a mildly softer signal on growth in mid-2018

More from ANZ on the results - remark from their 'key points':

  • Despite the December fall, the indexes are providing a positive signal for GDP growth in Q4, due to earlier strength. However, the Light Traffic Index is giving a mildly softer signal for growth in mid-2018.

More - and not a bad summary of what to watch in the year ahead for NZ:

  • Political uncertainty,
  • a cooling housing market,
  • tighter credit availability
  • and transitioning growth drivers

could cause a growth hiccup in the near term, but the still-strong upward trend in the Light Traffic index (despite the small dip) suggests this economy still has plenty of momentum.

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ps. For those who have been waiting, Mike is back from holidays and keen to get back to truckin'!