12 Nov 2013

Truckometer indicates strong economic growth

1:31 pm on 12 November 2013

ANZ's Truckometer suggests the economy hit top gear in the third quarter of the year and the strength should persist in the last three months.

The truckometer measures the economy by traffic flows on selected roads.

The heavy traffic index suggests a very strong economic growth result for the three months to September and a 0.3% lift in October.

This is in line with the light traffic index, a predictor of economic activity in six months, which earlier this year showed a turnaround in the second half.

ANZ senior economist Sharon Zollner says the main factor is the rebound in the dairy sector.

Ms Zollner says a strong rise in the light traffic index in October suggests the momentum will continue next year.