5:30 AM Wednesday Feb 23, 2011
The clean-up from last September’s quake was barely under way when yesterday’s 6.3 magnitude tremor struck. Photo / Getty Images
Canterbury’s second major earthquake is all bad news for the national economy, economists say.
As with the September quake, initially there will be disruption to commercial activity, and that will be amplified by the hit to confidence.
“The lesson of the first quake was that the disruption effect lasted longer than we anticipated,” Westpac economist Dominick Stephens said.
“And because of the loss of life, and just the ongoing nature of the thing, the effect on sentiment will be much larger.”