New Zealand Credit Card Spending Growth At 11-Month High

New Zealand credit card spending grew at the fastest pace in nearly a year in May, the Reserve Bank of New Zealand said on Tuesday.

Credit card spending increased 8.5 percent on a monthly basis in May, faster than the 2.7 percent increase seen in April. This was the biggest growth since June 2020, when spending surged 18.4 percent.

On a yearly basis, growth in credit card spending moderated to 27.2 percent from 87.5 percent in the previous month.

Domestic card billing advanced 3.6 percent on month after expanding 3.9 percent a month ago.

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