2010.08.2001:08:00UTC+00N.Z. Credit Card Spending Falls In July

Credit card spending in New Zealand dropped in July reversing increases in June and May, official figures showed on Friday.

The Reserve Bank of New Zealand said spending was down a seasonally adjusted 1.2% in July from June. It follows a 1% increase in the prior month.

Spending using domestic credit cards decreased 1.3% month-on-month in July. This followed a 0.7% rise in June. Spending using overseas cards slid 0.3%, following the 2.8% increase in the previous month.

On a year-over-year basis, total card billings in New Zealand increased 2.7%, following the 4.4% rise in June. Domestic card spending rose 2.7%, while overseas card spending was up 2.1%.

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