Credit card spending in New Zealand increased at a slower rate in July, figures from the Reserve Bank of New Zealand showed Thursday.
Total credit card billing rose by a seasonally adjusted 4.5 percent year-over-year in July following the 6 percent rise in June.
Billing on New Zealand-issued cards rose 4.2 percent year-over-year, which was slower than the 5.6 percent growth in June. Likewise, billing on overseas-issued cards climbed 7 percent following the 9.5 percent rise in June.
On a month-over-month basis, total credit card spending dropped 0.9 percent in July, after the 0.7 percent increase in June.
Credit card balances rose 4.5 percent year-over-year in July, which was slightly slower than the 4.9 percent increase in June. On a month-over-month basis, credit card balances remained unchanged in July, after the 0.3 percent rise in June.
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