Strong El Nino conditions this summer could cut GDP by up to 0.8%, RBNZ says

Thu, 10 Dec 2015

By Fiona Rotherham Dec. 10 (BusinessDesk) - Atmospheric measures indicate strong El Nino conditions this summer that could reduce New Zealand’s gross domestic product by 0.3 percent-to-0.8 percent, a Reserve Bank paper says. The bank, in cutting the official cash rate this morning to 2.5 percent, said there were a number of risks and uncertainties to its outlook including whether the current El Nino results in drought conditions and weaker output. However, given the range of New Zealand weather conditions in an El Nino, it didn’t assume...

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