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Household spending just outpaced income in 2013

Household spending just outpaced income in 2013

28 November 2013

Household income was $122.4 billion (up 1.8 percent) while household spending was $123.3 billion (up 2.9 percent) in the March 2013 year, Statistics New Zealand said today.

These results show households are not quite matching their income and spending. Household saving was negative at $0.8 billion.

"In 2013, household income was up, but the increase was small compared with the past three years as farming income fell,” acting national accounts manager Steffi Schuster said.

National accounts statistics for the year ended March 2013 provide a snapshot of the economy’s performance, including household income, spending, and saving.

Improved measures of spending in the New Zealand economy showed a higher level of household saving than previously published. The higher spending by international visitors and students in New Zealand was partly offset by higher imports of goods purchased directly by New Zealand households. The improved measures showed New Zealand households are spending less and saving more than previously indicated.

As a result of the revised household spending levels, household saving is now positive from 2010 to 2012. While saving levels are revised up, the pattern of saving by households remains unchanged.


Click for big version.

For more information about these statistics: National Accounts (Income and Expenditure): Year ended March 2013

ENDS

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