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Bankcard spending in New Zealand reached NZ$2.5 billion (1.07 billion Euros) in March, up 0.8% from $2.48 billion during the same month last year, according to the Reserve Bank of New Zealand. However, the seasonally adjusted numbers reveal a 4.2% spending decrease, to $2.3 billion from $2.4 billion. The bank seasonally adjusts its numbers to better reflect the actual health of the economy. March spending fell a seasonally adjusted 3.1% compared with February the first such decline of the year, the bank reported. Seasonally adjusted month-over-month spending rose 1.4% in January and 0.6% in February. A bank spokesperson declined to provide additional information about why the seasonally adjusted decline took place. "In a recession, we can expect a decrease in total billings," Peter Arnold, financial analyst at Brisbane-based research firm Canstar Cannex, tells CardLine Global.
