Wellington, July 6 : New Zealand's strong household spending reduced saving in the March 2023 quarter, the statistics department Stats NZ said on Thursday.

New Zealand household saving fell to NZ$653 million ($404 million), an NZ$874 million decline from the December 2022 quarter's NZ$1.5 billion, Xinhua news agency quoted Stats NZ as saying. 

"New Zealand households saved less, as their spending increased at a faster rate than their disposable income," Stats NZ's national accounts institutional sectors senior manager Paul Pascoe said.