NZ credit card spending has first annual drop in 3 years

Nov. 21 (BusinessDesk) - Credit card billings in New Zealand fell in October from the same month a year earlier in the first annual decline in three years.

Total billings in New Zealand shrank 0.9 percent to a seasonally adjusted $2.7 billion last month from October 2011 as spending on overseas cards shrank by a quarter, according to Reserve Bank figures. Last year's local billings on foreign-issued cards were bolstered by an influx of visitors for the Rugby World Cup.

Local billings on New Zealand issued cards rose 2.9 percent to $2.42 billion in October from a year earlier, and were up 0.5 percent on a monthly basis.

Earlier this month, government data showed spending on credit and debit cards rose 4.6 percent to $5.61 billion in October from a year earlier, led by increases spending on fuel and vehicles. Credit cards accounted for about 44 percent of transactions that month.

(BusinessDesk)

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.