NZ economy changes down a gear: Truckometer

JAMES WEIR
Last updated 10:54 12/08/2014

Relevant offers

Industries

Star spangled shoot 'em ups bringing big bucks to Kiwi countryside Travel firms urged to boycott 'tiger tourism' Views of Mt Victoria in Devonport threatened by Unitary Plan Customs 'disappointed' it will have to wait for whizzy crime-fighting software Air New Zealand sets new benchmark for wine industry Wellington's Felix Cafe property put on the market TVNZ heads to Rio but criticises Sky TV demands Petone building offers CBD perks without the cost or chaos Miner found dead after front-end loader rolls in Waihi goldmine Annual building consents rise to a 12-year high

The foot may be coming off the accelerator, but there is no sign the economy is going into a "panicked skid" according to ANZ's latest report on traffic flows.

The bank's "Truckometer" index, measuring truck and lighter traffic flows, is seen as a timely measure of economic activity.

In July, the heavy-traffic index rebounded 2.6 per cent, after falling in the two previous months.

The latest result was a "good start" for the September quarter.

The heavy traffic index suggested economic growth of about 0.6 per cent in the June quarter, which was respectable, but down from the 1 per cent or better seen in the past three quarters.

ANZ, looking at a wider range of indicators, forecast June quarter growth of 0.7 per cent.

The light-traffic index was flat in July, after falling in 0.8 per cent in June. Light traffic is seen as a leading indicator for economic growth.

While economic growth in the June quarter may have slowed, the signs for the rest of the year "remain very robust", ANZ said.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content