Big storm buffets Truckometer index
Traffic down in June but positive trend a good sign for GDP growth.
A severe storm which lashed the country during June is likely to hit economic growth figures, ANZ's latest monthly Truckometer indicates.
Both indexes in the Truckometer fell in June after gaining in May.
The ANZ Heavy Traffic Index fell 7.7% (seasonally adjusted) in June after rising 4.4% in May, while the ANZ Light Traffic Index slipped 2.1% after lifting 2.7% in May.
ANZ says the heavy storm which hit the country, causing severe disruption in many parts of the country including Wellington, is partly to blame for the declines.
Both heavy and light traffic flows fell on all 11 roads measured in the Truckometer, with particularly sharp falls in heavy traffic flows in the South Island.
However, ANZ says both indexes are trending upwards and are likely to bounce back in July.
The ANZ Light Traffic Index is predicting three consecutive quarters of positive GDP growth for the rest of the year, averaging around a 3.5% annual pace.
ANZ warns, however, that GDP growth in the second quarter is likely to be lower than predicted by the Truckometer because of the timing of this year's drought.
NBR staff
Thu, 11 Jul 2013
Thu, 11 Jul 2013
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Big storm buffets Truckometer index
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