This paper discusses the impact of the February 2011 Canterbury earthquakes and examines the adequacy of the normal indicators used to measure components of gross domestic product (GDP).
- In the wake of the devastating 22 February 2011 earthquake, Statistics New Zealand evaluated the normal GDP sources and methods to ensure that they adequately measured GDP and captured any significant earthquake-related events.
- The earthquakes were considered exceptional events for insurance purposes and resulted in significant capital stock losses.
- We investigated and analysed alternative data sources for some components of GDP for the March 2011 quarter. However, we found that the usual indicators for GDP sufficiently captured the effects of the earthquake.
- We contacted Christchurch businesses to provide an estimated value of stock lost due to the February 2011 earthquake. We used the information collected to more accurately calculate the change in inventories for the New Zealand economy.
- It is important to note that while we are confident that the effects of the earthquakes were captured through the indicators that feed into GDP, it is not possible to isolate the impact of the earthquakes.
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Citation
Statistics New Zealand (2011). Impact of the Canterbury earthquakes on New Zealand's gross domestic product. Wellington: Statistics New Zealand
Published in July 2011 by
Statistics New Zealand
Tatauranga Aotearoa
Wellington, New Zealand
ISBN 978-0-478-37715-6 (online)
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