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Christchurch residents have been returning to their homes for the first time since last month's quake AP Photo/Kyodo News
New Zealand
New Zealand earthquakes will almost halve country's economic growth
February’s devastating quake in Christchurch along with one in September last year will impact on the country’s economy.
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
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