El Nino events sap NZ growth, inflation, IMF research says

Fri, 08 May 2015

By Paul McBeth May 8 (BusinessDesk) - Major El Nino events, which typically create extreme weather conditions, immediately sap New Zealand's economic growth and put downward pressure on inflation, according to International Monetary Fund research. New Zealand's gross domestic production growth drops by 0.29 percent in the quarter immediately after an event as drought in parts of the country and flooding in other places saps agricultural production, Paul Cashin, Kamiar Mohaddes and Mehdi Raissi said in an IMF working paper. New Zealand's i...

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