Holland.  Dutch GDP – second quarter of 2023. Technical recession in the Netherlands, preliminary data at

The Netherlands’ gross domestic product fell by 0.3 percent on a quarterly basis in the second quarter of 2023, according to preliminary data from Statistics Netherlands (CBS). The fifth largest economy in the Eurozone was also in the red in the first quarter. So we are dealing with a technical recession in the Netherlands.

On Wednesday, CBS released its first GDP estimate for the second quarter of 2023. The Dutch economy contracted 0.3% between April and June, compared to a 0.4% contraction in the first quarter.

Technical stagnation in the Netherlands

Thus, the country found itself in a technical recession, the office confirmed, while noting that it was “light” for the time being. The economy of the Netherlands is the fifth largest in the eurozone.

The data surprised analysts. Market consensus, the median forecast of analysts polled by Bloomberg, assumes an increase of 0.2 percent.

“It’s not quite a classic recession. It’s not as if the Netherlands has suddenly found itself on the brink of an economic abyss with massive bankruptcies and massive unemployment,” said Peter Hein van Meulgen, chief economist at CBS. In his view, this is just a mild recession caused mainly by lower consumer spending and higher interest rates.

Consumer spending decreased by 1.6% and exports by 0.7%. Less than in the first quarter of this year.

“I hope the situation will improve, because we have solid foundations such as low unemployment and high investment,” he commented on the latest data of State Minister for Economic Affairs Miki Adriansens, reported by the Financieele Dagblad daily.

Inflation in the Netherlands is down from a peak of 14.5% in 2016. On an annual basis in September last year, it is still relatively high. Price increase in the second quarter of this year averaged about 6% year on year.

The second estimate of GDP in the second quarter of this year. It will be published on September 22nd.

Main image source: Jan van der Wolf/Shutterstock

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Inflation in Poland in October 2022 – forecasts of economists

Consumer price inflation (CPI) in September of this year was 17.2 percent.…

China uses less gas because it saves. It is a blow to Russia and Gazprom

Until a few months ago, Russia confirmed it China is its most…

Russia restricts gas supplies to France. Engy’s Information, Comments by Minister Agnes Pannier-Runacher

Russia’s Gazprom said on Tuesday that Gazprom will completely suspend gas supplies…

PGE and Enea lose after announced stock issuance plans

2022-01-18 17:46, Oct 2022-01-19 10:20 publishing2022-01-18 17:46 to update2022-01-19 10:20 Participate Photo:…