The ANZ Truckometer is a set of two economic indicators derived using traffic volume data from around New Zealand.
ANZ use traffic flows in this indicator as a proxy for economic growth. However, says the bank:
- Differing regional lockdown restrictions mean that the Truckometer indexes are unlikely to be a reliable GDP indicator in the near term
Heavy Traffic +13.4% m/m
- Light Traffic Index +6.4% m/m
ANZ's comments from the report, my own summary of a longer piece:
- both New Zealand and international experience suggest that economic activity does rebound vigorously once restrictions are lifted, as long as fiscal policy has stepped up to cushion the blow in the meantime.
- Unlike most of the rest of the world who faced into unstoppable COVID in 2020 with no clear path out, New Zealand is in the incredibly fortunate position that the vast majority of us will have had the opportunity to get vaccinated before we face a high risk of being exposed to the virus, and we have a clear path out of lockdown via vaccination. This too shall pass, but the more of us who get vaccinated, the quicker it will do so.
