Santa may have swapped his sleigh for a few 44 and 50 tonners this year according to the ANZ Truckometer.
Signs are good for the coming year says the bank’s economists.
The New Zealand economy accelerated in the second half of last year.
ANZ says the non-dairy agriculture, construction, housing, services and tourism sectors – collectively a large proportion of the economy – continue to perform well.
The Heavy Traffic Index lifted 2.6% in December, completing a very strong quarter, while the Light Traffic Index, which leads growth in the economy by six months, increased 1% month on month.
ANZ says that third quarter GDP growth at 0.9% was very close to the prediction of the Heavy Traffic Index.
The Heavy Traffic Index flags further acceleration and suggests that fourth-quarter GDP growth could be well north of 1% quarter on quarter.
Meanwhile, the strong upward trend in the Light Traffic Index suggests good momentum in the economy as New Zealand kicks off the New Year.
The main risks to growth in 2016 emanate from offshore, with a rough start to 2016 for global markets highlighting vulnerabilities.
ANZ says global risks appear to be intensifying, and it is watching developments carefully. The Truckometer will be a useful indicator to watch to get an early steer on how global ructions are impacting activity.
