New Zealand: Hot, Dry, and Definitely not milky

Worst New Zealand Drought in 30 Years Weighs on Economic Growth - Bloomberg: "New Zealand is experiencing its most widespread drought in at least 30 years, the government said today, as dry conditions across the North Island threaten economic growth and cause global milk prices to rise.
“Nearly all farmers in every part of the North Island are facing very difficult dry conditions,” Minister for Primary Industries Nathan Guy said in a statement. It’s the first time in at least three decades the entire island is suffering from drought, his spokesman Phil Rennie said by telephone.
Finance Minister Bill English warned this week the drought may curb economic expansion in the nation, where dairy exports of NZ$11.4 billion ($9.4 billion) last year made up 25 percent of all merchandise shipments abroad. The local dollar is heading for a fourth weekly decline, which would be the longest losing streak since May, after the central bank held the cash rate at a record-low yesterday and cited concerns the dry conditions may “substantially reduce economic output.”"

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