Central bank sees growth in 2010, 2011

Tuesday 08 December 2009

The Dutch economy will grow in 2010 and 2011 and the jobless total will not rise as sharply as thought earlier, the central bank said on Tuesday

The bank now estimates the economy will grow 0.7% next year and 1.2% in 2011. In June the bank forecast a further contraction in 2010. But despite the upturn, the recovery is still 'fragile' the bank said.

The better economic fortune is due to improving exports, with growth booked by all of the Netherlands' most important trading partners. 'Private consumption will grow in 2010 followed by industry and the housing sector in 2011,' the statement said.

The bank says the official unemployment will rise to 6.5% in 2011. This is well below the 8% to 9% jobless estimate made in June. The official unemployment rate is now 5%, but the national statistics office uses different calculations to the central bank.

In October, ING economists said the economy was out of recession in the fourth quarter.

© DutchNews.nl

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