Netherlands contracted 0.3% in the second quarter, whereas France and Belgium rose somewhat
The Dutch economy contracted for the second straight quarter, the national statistics agency reported on Wednesday, confirming the start of a "mild recession" in the Netherlands. According to a statement released by the Central Bureau of Statistics (CBS), there was a decline of 03 percent in the second quarter of 2023. This follows a contraction of 0.4 percent in the first three months of the same year.
Also Read: Chinese economy is experiencing deflation as price declines for the first time since February 2021
The contraction observed in the last quarter was mostly explained by a decrease in household consumption, with the Dutch population showing reduced purchases of furniture and clothing. However, it is worth noting that expenditure in the culture and leisure sectors experienced an increase, as reported by CBS.
The slowdown was also influenced by foreign trade, wherein a rise in imports and a decline in exports, namely from the Dutch chemical sector, had a significant role.
Peter Hein van Mulligen, the head economist for CBS, stated in an online presentation on Wednesday that, based on the prevailing definition, the Netherlands is currently experiencing a recession.
Additionally, the data indicates that the Dutch economy has experienced a period of stagnation for four consecutive quarters, as stated by the speaker.
According to van Mulligen, the absence of growth has not yet resulted in a decrease in the labour market.
According to the individual's observation, the Dutch economy had a rather rapid and robust recovery in comparison to other European countries following the downturn associated with the Covid-19 epidemic However, during the course of the past year, economic growth has reversed.
The Netherlands had a contraction of 0.3 percent in the second quarter, which is in contrast to the mild rise observed in France and Belgium, with growth rates of 0.5 percent and 0.2 percent, respectively.
OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.
.