ANZ use traffic flows in this indicator as a proxy for economic growth

The 'heavy traffic' index is +3.5% on the month for January

  • December was -4.4%
  • the 3 month MA for y/y is +1.5%

The 'light' index +2.2% m/m

ANZ's take on the release is it shows the NZ economy slowing momentum, indicative of modest growth for GDP.