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NEW ZEALAND: Soft Spending But Appears To Be Stabilising

NEW ZEALAND

Total card transactions rose 0.3% m/m in September to be down 0.7% y/y, up from -1.8%. Retail appears to have stabilised helped by tax and rate cuts but remains weak posting a flat outcome to be down 3.7% y/y but up from 4.3%. 3-month momentum is also gradually improving but remains negative. This data adds to surveys indicating that weak growth continued in Q3 but that it may improve next year, as the RBNZ expects.

NZ card spending y/y%

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Total card transactions rose 0.3% m/m in September to be down 0.7% y/y, up from -1.8%. Retail appears to have stabilised helped by tax and rate cuts but remains weak posting a flat outcome to be down 3.7% y/y but up from 4.3%. 3-month momentum is also gradually improving but remains negative. This data adds to surveys indicating that weak growth continued in Q3 but that it may improve next year, as the RBNZ expects.

NZ card spending y/y%

Keep reading...Show less