Dutch economy enters recession on fall in consumer spend and exports
Economic growth in the Netherlands was almost 5% a year in 2021 and 2022, after a quick recovery from Covid-19
16 August 2023 - 12:16
byBart Meijer
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Amsterdam — The Dutch economy has entered a recession as it shrank 0.3% on a quarterly basis in the second quarter, a first estimate published by Statistics Netherlands on Wednesday showed.
The eurozone’s fifth largest economy shrank for the second consecutive quarter, after a 0.4% contraction in the first three months of the year.
Economic growth in the Netherlands had been almost 5% per year in 2021 and 2022 in a quick recovery from a Covid-19 slump.
The first recession since the pandemic was driven by a drop in consumer spending and exports, as surging inflation drove up food prices and energy bills in the Netherlands and its trading partners.
Consumer spending fell 1.6%, while exports were 0.7% lower than in the first three months of the year.
Inflation in the Netherlands has dropped since hitting a peak of 14.5% in September 2022, but was still relatively high at about 6% in the second quarter of 2023.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Dutch economy enters recession on fall in consumer spend and exports
Economic growth in the Netherlands was almost 5% a year in 2021 and 2022, after a quick recovery from Covid-19
Amsterdam — The Dutch economy has entered a recession as it shrank 0.3% on a quarterly basis in the second quarter, a first estimate published by Statistics Netherlands on Wednesday showed.
The eurozone’s fifth largest economy shrank for the second consecutive quarter, after a 0.4% contraction in the first three months of the year.
Economic growth in the Netherlands had been almost 5% per year in 2021 and 2022 in a quick recovery from a Covid-19 slump.
The first recession since the pandemic was driven by a drop in consumer spending and exports, as surging inflation drove up food prices and energy bills in the Netherlands and its trading partners.
Consumer spending fell 1.6%, while exports were 0.7% lower than in the first three months of the year.
Inflation in the Netherlands has dropped since hitting a peak of 14.5% in September 2022, but was still relatively high at about 6% in the second quarter of 2023.
Reuters
Schiphol Airport wants to limit flights but KLM and others say no
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Dutch PM Rutte to leave politics after next election
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.