. Earth Science News .

N. Zealand economic growth defies deadly quake
by Staff Writers
Wellington (AFP) July 14, 2011

New Zealand's economy grew a better than expected 0.8 percent in the March quarter, despite a deadly earthquake, data showed Thursday, sending the local dollar up to a record against the greenback.

Finance Minister Bill English said the fourth quarter figures -- double the forecast 0.4 percent -- showed the resilience of the economy in the face of the February earthquake, which shattered Christchurch and left 181 people dead.

The Statistics New Zealand data also revealed full year growth of 1.5 percent, also above expectations.

The International Monetary Fund had previously warned that the quake, as well as a less destructive tremor in the same city in September, would hurt confidence in the country's economy.

The Fund's economists said the quakes would wipe about two percentage points off economic growth this year, and the economy would only grow by about one percent.

English said: "The earthquake in February was devastating for the people of Canterbury and caused major disruption to the region's economy, especially coming so soon after the previous large earthquake in September.

"Today's result shows the resilience of Cantabrians and the New Zealand economy as a whole."

The news sent the "kiwi" dollar almost nearly one cent higher against the US unit to around US$0.8490, its highest level since floating 26 years ago.

The fourth quarter increase followed a rise of 0.5 percent in the three months to December and was the largest gain since the October-December period of 2009.

Statistics New Zealand national accounts manager Rachael Milicich said the strong growth in the latest quarter was mainly due to manufacturing.

"While some businesses in Christchurch were adversely affected, the vast majority were able to continue operating, and the earthquake resulted in some activity that would not normally have taken place."

The sector grew 3.6 percent in the quarter, with large increases in machinery, metal products, and food and beverage manufacturing.

Related Links
Bringing Order To A World Of Disasters
When the Earth Quakes
A world of storm and tempest

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Support for Japan PM at record-low 15 percent
Tokyo (AFP) July 12, 2011
Support for the cabinet of Japan's Prime Minister Naoto Kan has plunged to 15 percent, the lowest level since his centre-left party took power in 2009, a newspaper poll said Tuesday. Seventy percent of voters want Kan - under pressure over his handling of the March 11 quake, tsunami and nuclear disaster - to resign before parliament enters a recess late next month, said the Asahi Shimbun s ... read more

Japan to report progress on nuclear crisis

Cyprus president apologises for deadly blast

Cyprus leader vows 'thorough' probe of killer blast

Japan quake makes 2011 costliest year: Munich Re

Kakao is sweet for S. Korean smartphone users

China almost doubles rare earth export quota

S. Korean plans class action against Apple

New technology allows lenses to change color rapidly

Climate change reducing ocean's carbon dioxide uptake

Canada reservations need better water systems: study

Natural iron fertilisation influences deep-sea ecosystems off the Crozet Islands

California groundwater management trickles up from local sources

Lie of the land beneath glaciers influences impact on sea levels

Antarctic suvey finds undersea volcanoes

Antarctic krill help to fertilize Southern Ocean with iron

Warming ocean layers will undermine polar ice sheets

Texas cattle ranchers feel burn of record drought

World Population Day: Agriculture Offers Huge Opportunities for a Planet of 7 Billion

New Genetic Map of Potato May Lead to Improved Crops

TUM researchers discover a new switch in resistance to plant diseases

Spectacular eruption at Indonesian volcano

Olympia hypothesis: Tsunamis buried the cult site on the Peloponnese

Indonesian volcano erupts, spewing rock and lava

4,800 evacuated in Indonesia volcano eruption

At least 25 killed during Nigerian military raid: Amnesty

Burkina army sacks 566 soldiers over mutiny

WFP considers returning to rebel-held Somali regions

Nigerian Islamists say no ceasefire until troops withdrawn

Dhaka and Delhi launch census in enclaves

Early embryos can correct genetic abnormalities during development

Surgeons implant first synthetic organ

Australia moves on head-covering laws

Memory Foam Mattress Review
Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement