RTTNews - In New Zealand, total credit card spending dropped 2.4% annually in May, on a seasonally adjusted basis, compared to a 1.6% fall in the preceding month, the country's Reserve Bank said Monday. This is the seventh consecutive month of decline in card spending.

On an annual basis, domestic card spending fell 2.6% in May after declining 2.4% in April. Overseas card spending slipped 0.3%, reversing a 4.9% growth in the previous month.

Month-on-month, total card spending was down 0.4% in May, in contrast to a 2.4% rise in April. Domestic card spending fell 0.5%, but overseas card spending rose 0.6%.

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