Household saving holds up despite higher cost of living in December quarter – Media release
6 April 2023
New Zealand household saving was $2.1 billion in the December 2022 quarter, the same level as in the September quarter but well above pre-pandemic levels, according to quarterly figures released by Stats NZ today.
Household net disposable income increased by 1.8 percent to $57.4 billion in the December 2022 quarter, while household spending increased by 1.7 percent to $55.3 billion. The increase in household spending largely reflected price increases, as there was little change in the volume of goods and services consumed by households during the December 2022 quarter (Gross domestic product: December 2022 quarter).
“The total disposable income of New Zealand households increased at a slightly higher pace than the rise in living costs,” national accounts institutional sectors senior manager Paul Pascoe said.
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