Reserve Bank of New Zealand has these conclusions about the contribution of drought to the business cycle in the late 1990s in New Zealand and in particular the mild 1998 recession:
a back-of-the-envelope estimate of the impact of the drought-induced fall in supply would suggest a contribution from the agricultural sector to production GDP for the March quarter of 1998 of around -0.4 percentage points out of the total 1 per cent fall in production GDP. In the June quarter of 1998, the contribution from these sectors was close to zero.
Figure 27:

In 1998, agricultural and hunting industry contributed per cent of real GDP. . That included the production of livestock, wool, dairy, horticulture, and crops, as well as the provision of agricultural contracting services and hunting. In the same year, the primary food manufacturing industry contributed 3 per cent of GDP. This category covers the processing of meat and dairy products for export and local markets.
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