WELLINGTON, Jul 6 (NNN-XINHUA) – New Zealand’s strong household spending reduced saving in the Mar, 2023 quarter, the statistics department, Stats NZ, said today.
New Zealand household saving fell to 653 million NZ dollars (404 million U.S. dollars), an-874- million NZ dollar (541-million dollar) decline from the Dec, 2022 quarter’s 1.5 billion NZ dollars (930 million dollars), according to Stats NZ.
“New Zealand households saved less, as their spending increased at a faster rate than their disposable income,” Stats NZ’s national accounts institutional sectors senior manager, Paul Pascoe, said.
Household spending increased by 3.9 percent, driven primarily by increases in spending on services, such as international travel, Pascoe said.
The household saving ratio, which compares household saving to net disposable income, fell to 1.1 percent from 2.7 percent in the Dec, 2022 quarter.
Household net worth fell 42.7 billion NZ dollars (26.43 billion dollars), or 1.9 percent, in the Mar, 2023 quarter, following falls in the previous four quarters, statistics show.– NNN-XINHUA
