The ANZ Truckometer indexes were weak in July, likely being affected by stormy weather.
The Heavy Traffic Index fell 5.5% in the month after being seasonally adjusted, while the Light Traffic Index fell 2.2% month-on-month.
However, despite the July result, the economy is still looking strong, ANZ says.
“The monthly fall in the Heavy Traffic Index was hefty, but likely reflects unusually dire weather over July.
“Two thirds of the fall was due to two South Island roads. Accordingly, we would not be surprised to see a bounce-back in August.”
The upward trend in the three-monthly average of the Light Traffic Index continues, despite July’s volatility, suggesting solid activity over the remainder of the year.
“This suggests the New Zealand economy has plenty of momentum. Despite capacity constraints, we expect annual GDP growth to reaccelerate above 3% by the end of the year.”
