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The impact of the 2016 Kaikoura earthquake on our economy

By   /  April 28, 2017  /  Comments Off on The impact of the 2016 Kaikoura earthquake on our economy

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MIL OSI – Source: New Zealand Ministry of Business Innovation and Employment MBIE – Press Release/Statement

Headline: The impact of the 2016 Kaikoura earthquake on our economy

A report on the economic impact of the 2016 Kaikoura earthquake on the New Zealand economy was released today by Economic Development Minister Simon Bridges.

The Kaikoura earthquake struck just after midnight on 14 November 2016 causing widespread damage, and impacting the lives of thousands of people. It was one of the most complex earthquake events recorded.

In addition to the significant human impact, the event has had an economic one. The Economic impact of the 2016 Kaikōura earthquake report [PDF 2.9MB] looks at how the event has impacted on New Zealand’s Gross Domestic Product (GDP). The report estimates the repair and reconstruction workforce requirement.

The report estimates the repair and reconstruction workforce requirement.

The report was jointly commissioned by the Ministry of Transport and the Ministry of Business, Innovation and Employment and was conducted by Market Economics.

The topline figures show a relatively modest impact on GDP with a forecast reduction of 0.12 to 0.14 percent ($450 million – $500 million) in the 18 month period following the event.

The report is part of work by the Government to inform rebuild and support programmes and investment in impacted infrastructure.

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