Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sixth Quarter of Strong Growth

Sixth Quarter of Strong Growth

Auckland, Monday 7 April 2014; Spending through the Paymark network for the first quarter of 2014 marks the sixth consecutive quarter of strong spending, with a quarterly seasonally adjusted increase of 1.6 per cent for the period.

Mark Spicer, head of customer relations at Paymark, says “the growth rate we have experienced this quarter is similar to that of the previous five quarters and the underlying spending pattern is consistent with continued New Zealand economic growth into 2014.

“Looking more closely at the figures for March, there is a hint of deceleration across some sectors and centres but it is difficult to get a clear guide with Easter having shifted from March in 2013 to April this year.”
Spending through Paymark’s network in the month of March was up 6.8 per cent, year on year.

“During March spending via credit cards was up 10.4 per cent year on year and we believe that this can be explained, in a large part, by the surge in the volume of contactless cards being used, especially at petrol stations and supermarkets. Spending using debit cards remained lower at 3.9 per cent during the month, also affected by the switch in card use.”

“Strip out the supermarkets and petrol stations, and the annual growth rate for spending through the rest of the economy through Paymark was 5.9%, still a good growth rate but below the 6.5% annual average growth for these sectors over the previous six months”

Trading during March was positive for those operating in the hospitality sector (cafés and restaurants, bars and clubs and takeaways), which experienced continued strong trading during March, up 12.5 per cent, 10.6 per cent and 9.4 per cent year on year respectively.

Growth rates were also high at hardware (+10.5 per cent year on year) and furniture and floor covering (+13.6 per cent year on year) stores.

In contrast, spending at chemists (+3.5 percent) and department stores (-0.3 percent) was only modestly different to last year.

Spicer says that spending through the company’s network in March this year will have been affected by the shift in Easter timings and that the pattern of higher than usual growth in the major centres alongside a dip in those areas traditionally associated with holidaying is to be expected.

“In 2013 Easter fell in March whereas this year it will fall in April. The shifting Easter dates will have a big impact on many sectors and retailers around the country and we can especially see that in the accommodation sector where lower than otherwise usual growth has been recorded.

Annual growth in the accommodation sector dropped below the double-digit growth experienced in the previous three months to 7.9 per cent.

Around the country, growth in March was strongest in Auckland/Northland (+ 6.8 per cent year on year), Palmerston North (+ 6.8 per cent year on year) and Canterbury (+ 8.2 per cent year one year).

Regions experiencing slower growth included Wanganui (+ 2.1 per cent year on year, West Coast +0.9 per cent year on year and South Canterbury (+1.7 per cent year on year).

“As always, there are mixed experiences but, overall, we have seen a solid start to the year,” concludes Spicer.

- ENDS -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news