Wednesday 12th June 2013
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New Zealand retail spending on credit, debit and store cards rose more than expected in May, led by fuel, food and liquor and hospitality.
Sales rose 0.5 percent, seasonally adjusted, last month and were up 5.4 percent year-on-year, according to Statistics New Zealand. Monthly sales were forecast at 0.4 percent for a 4.6 percent annual gain, according to a Reuters survey. Total card spending rose 0.6 percent.
The electronic card figures capture around two third of the nation's total retail sales and provided the most timely snapshot of the sector. Total retail sales rose 0.5 percent in the first quarter, slowing from a 1.9 percent pace three months earlier, figures last month showed.
The biggest increases in the latest month were a 3.8 percent gain in fuel sales, 1.1 percent rise in consumables and 1.6 percent increase in hospitality.
In unadjusted terms, there were 112 million transactions last month with an average value of $51. Total spending was $5.8 billion.
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