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.

Heavy Traffic index +2.0% m/m

  • prior revised to -3.9% m/m

Light traffic index +1.0% m/m

  • prior -0.1%

ANZ comments:

  • The acute phase of the COVID-19 pandemic appears to be drawing to an end in many countries, including some of New Zealand's most important trading partners, and the vaccination programme has started its rollout here at home. But while there's light at the end of the tunnel, the New Zealand economy has some hard yards in front of it yet. The cumulative damage to tourism and related sectors of the closed border is starting to show, and the housing and construction boom may be starting to hit its limits. Globally, rising interest rates are threatening to tighten financial conditions, and New Zealand is not immune. It's going to be an interesting year, but the good news

NZD is not much moved on the data, dribbling a few tics lower. The Truckometer does not tend to be much of an immediate market mover but it is good background info on the NZ economy.

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More from ANZ on these two indexes:

  • Heavy traffic (trucks and buses) primarily reflects the movement of goods, while light traffic is all about the movement of people. In normal times, light traffic provides a six-month lead on momentum in the economy, while the Heavy Traffic Index is a real-time indicator of goods production.