Auckland floods could result in a slightly shallower recession

(Image: Getty)

Thu, 09 Feb 2023

Recent flooding in Auckland will put some upward pressure on inflation but may also mean the economy contracts slightly less, say ANZ Bank economists.“Auckland hosts around a third of the population, and its higher-than-average GDP [gross domestic product] per capita means it accounts for around 38% of GDP. Any significant shock that occurs in the region is thus likely to have economy-wide implications,” the ANZ economists said.The shock is negative on the supply side (productive capital, inventories, intermediate goods, and househo...

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