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

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>