The leading indicator, a forecasting device used by the Reserve Bank, edged up 0.3% in March on a month-on-month basis.
Four of the nine component time series that were available for March increased,
while five decreased.
The largest positive contribution resulted from an increase in the US dollar-based export commodity price index, as well as an acceleration in the six-month smoothed growth rate in the real M1 money supply.
The largest negative contributions in March came from a decrease in the number of residential building plans passed.
The seasonally adjusted indicator provides a guideline for economic activity and growth for at least six months ahead.
On a year on year basis, the leading indicator dropped 4% in March, after dropping 4.5% in February.
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