The Dutch economy has contracted for the second consecutive quarter, according to a first estimate, plunging the Netherlands into a “mild recession”, according to figures published this Wednesday by the Central Statistical Office (CBS). The fall registered in the last three months is 0.3%, after a first quarter of 2023 already at half mast with a contraction of 0.4%, the Dutch statistics institute said in a statement.
The drop in Dutch household consumption has largely contributed to the contraction of the national economy during this last quarter, as the Dutch have “bought especially less furniture and clothing”, although they have spent more in the culture and leisure sectors. , according to CBS. .
The Netherlands’ foreign trade has also contributed strongly to this slowdown with an increase in imports and a decrease in exports, particularly from the Dutch chemical industry, it added.
unlike france
“This means, by the most common definition, that the Netherlands is in recession,” CBS chief economist Peter Hein van Mullingen said in an online presentation on Wednesday.
According to him, this fall is not yet reflected in a deterioration of the Dutch labor market. “The number of job vacancies fell slightly, but so did the number of unemployed,” he said.
Compared to the rest of Europe, after “a slump” related to the Covid-19 epidemic, “the Dutch economy has recovered much faster and stronger”, but for about a year “it has been quite the opposite”, said Peter Hein van Mullingen.
“The Dutch contraction of 0.3% is striking compared to the economic development of neighboring countries,” said CBS, which noted that in France and Belgium the economy grew by 0.5% and 0.2% respectively in the second trimester. On average, the GDP of the European Union (EU) remained the same as in the previous quarter.
Source: BFM TV
