NZ drought likely to cost $1.6 billion

New Zealand's most widespread drought in at least 30 years may cost the country $NZ2 billion ($1.6 billion), as dry conditions across the North Island threaten economic growth, the government estimates. Finance Minister Bill English warned last week the drought may curb economic expansion in the nation, where dairy exports of $NZ11.4 billion last year made up 25 per cent of all merchandise shipments abroad.

New Zealand's most widespread drought in at least 30 years may cost the country $NZ2 billion ($1.6 billion), as dry conditions across the North Island threaten economic growth, the government estimates. Finance Minister Bill English warned last week the drought may curb economic expansion in the nation, where dairy exports of $NZ11.4 billion last year made up 25 per cent of all merchandise shipments abroad.

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