Furthermore, it is plausible that the depreciation in the external value of the euro between mid2011 and mid-2012 and again between mid-2014 and mid-2015 contributed to the expansion in net exports, while the appreciation phases from mid-2010 to mid-2011 and mid-2012 to mid-2014 5 6 / 10  BIS central bankers' speeches  represented headwinds to recovery in the euro area.5 With the exception of currency reversal during the euro crisis phase of mid-2011 to mid-2012, the euro persistently appreciated against the dollar from mid-2010 to mid-2014.
The supply disruptions are unlikely to have a major impact on overall economic growth. Some increase in construction cost inflation is likely as this is already running at 7.9 percent in Auckland and 6.3 percent nationally due to capacity bottlenecks within the sector. Increases in freight costs are also expected.