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New Zealand shoppers rein in credit, debit card spending

Xinhua, July 9, 2015 Adjust font size:

Spending by New Zealanders on their credit and debit cards leveled off last month amid signs the country's economic growth was beginning to slow.

Retail spending on electronic cards totaled 4.3 billion NZ dollars (2.89 billion U.S. dollars) in June, up 5 percent year on year, the government statistics agency said Thursday.

However, the total was up just 0.5 percent from May, compared with a 1.3-percent rise in May, and when vehicle-related spending was taken out, spending was flat, compared with a rise of 0.4 percent in May, according to Statistics New Zealand.

"Spending rose in four of the six retail industries," business indicators manager Neil Kelly said in a statement.

"Fuel spending had the largest rise, returning to the levels seen before the price falls of late last year."

The rise in fuel was partially offset by falls in spending on apparel and durables, which includes furniture, hardware, pharmaceuticals and cosmetics.

Analysts are forecasting a slow down in the economy this year, as dairy prices drop and uncertainty hits overseas markets.

Last month, the Reserve Bank of New Zealand cut its official cash rate from 3.5 percent to 3.25 percent and indicated further stimulatory cuts could follow. Endit