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Analysts at ANZ note that in September, the Light Traffic Index fell 0.3% m/m while the Heavy Traffic rose 2.4% m/m for New Zealand, in only a partial bounce-back from last month’s fall.

Key Quotes

“Annual growth in the Light Traffic Index held steady in the month but remains in a trend decline, suggesting economic growth is going to continue to wane for a while yet.”

“The Heavy Traffic Index has had its weakest quarterly growth in 7 years, suggesting GDP growth will be weak in Q3.”