THE GOVERNMENT IN New Zealand has said that two recent earthquakes in the country’s second-largest city of Christchurch will almost halve the nation’s economic growth this year.

The government’s Treasury estimated on Sunday that the 22 February earthquake that killed at least 166 people in Christchurch and another quake that struck the city in September last year will slow economic growth.

According to their estimates growth will slow by 1.5 per cent points in 2011 to 2 per cent.

The economy is expected to gather pace again in 2012 on the back of reconstruction work.

Meanwhile, police cordons around Christchurch’s central business district, which was devastated by last month’s quake, were relaxed for the first time on Sunday, allowing businesspeople and residents to salvage their valuables.

- AP

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

Support us Learn More

New Zealand earthquakes will almost halve country's economic growth

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.