Analysts at ANZ point out that New Zealand’s ANZ Truckometer indexes weakened markedly in December, with falls in seasonally adjusted traffic flows on nearly all roads used in the two indexes.
Key Quotes
“The Heavy Traffic Index fell 4.1% m/m on top of a 2.3% fall in November. It is now suggesting modest Q4 GDP growth. The Light Traffic Index fell 1.9% m/m, with recent reads consistent with the economy losing momentum.”
“The data is volatile, particularly the Heavy Traffic Index, and it is too soon to call a change in trend. But the Truckometer indexes are now clearly flashing warning lights about a slower growth path for the New Zealand economy.”
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