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Strong Household Spending Reduces Saving In The March 2023 Q
New Zealand household saving fell to $653 million in the March 2023 quarter, an $874 million decline from the December 2022 quarter’s $1.5 billion, according to quarterly figures released by Stats NZ today.
"New Zealand households saved less, as their spending increased at a faster rate than their disposable income,” 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 (see Gross domestic product: March 2023 quarter).
Household net disposable income rose 2.3 percent to $58.2 billion. This increase was driven by wages and salaries (up 3.7 percent), and interest received (up 18.4 percent). Offsetting these were an increase in interest payable (15.1 percent) and a decrease in dividends receivable (down 19.4 percent).
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- Strong household spending reduces saving in the March 2023 quarter
- Household net worth falls for fifth consecutive quarter
- National accounts (income, saving, assets, and liabilities): March 2023 quarter
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