Recent traffic movements suggest the economy is on track to grow over the second quarter, despite the effects of the Omicron outbreak and worker shortages.
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The ANZ Bank's monthly Truckometer index shows heavy traffic movements - regarded as a real-time measure of current economic activity - fell 1.7 percent in May, compared with a 2.4 percent gain in April.
ANZ chief economist Sharon Zollner said while labour shortages in the trucking industry remained extreme the heavy traffic index continued on an upward trend.
The light traffic index, which points to economic activity six months ahead, rose a mere 0.1 percent last month.
"Light traffic is holding up remarkably well in light of near record-high petrol prices and consumers' stated reluctance to spend."
Traffic data from April, and now May, suggested GDP growth would probably be positive in the June quarter, Zollner said.
"Overall, the data continues to show the economy settling back into its rhythm as the disruption from Omicron gradually wanes.
"That's not to say that we are back in a world where we can estimate demand and assume the supply will be there to meet it."
Labour shortages were being felt right across the economy, she said.
The latest six-monthly report from the Organisation for Economic Co-operation and Development suggested New Zealand's economic outlook was solid, forecasting growth of three percent for 2022 and two percent in 2023.
It comes after the World Bank cut its global growth forecast by three percent, warning that high inflation, rising interest rates and the economic fallout from the war in Ukraine was likely to tip some countries into a recession.
