20.08.201723:56:00UTC+00New Zealand Credit Card Spending Rises Further

Total credit card spending in New Zealand increased for the fifth straight month in July, data from the Reserve Bank of New Zealand showed Monday.

Credit card spending climbed 0.9 percent month-over-month in July, faster than the 0.2 percent rise in June.

Domestic billings grew 1.1 percent over the month to NZ$3.04 billion and overseas billings went up by 1.6 percent.

On an annual basis, credit card spending growth eased to 7.2 percent in July from 8.3 percent in June.

Data also revealed that credit card balances rose at a stable rate of 0.4 percent monthly in July.

Annually, credit card balances grew at a slightly slower pace of 4.6 percent in July after a 4.7 percent growth in the preceding month.