The Dutch economy shrank by 0.1% in the third quarter of 2010, following growth of 1% in the second quarter, the national statistics office CBS said on Friday.

The figure is a preliminary calculation and follows a year of quarter on quarter growth. Year on year, growth is up 1.8%.
Economic affairs minister Maxime Verhagen said the figures are disappointing, news agency ANP reported.
‘We had expected a slight increase in the third quarter, in line with France and Germany,’ Verhagen said.
Jobs
Nevertheless, there are encouraging signs when it comes to employment growth and consumer spending, the minister said.
Household spending was up 0.6% in the July to September period, the highest growth figure in two years, the CBS said.
Households spent more on large items such as cars, but also electronic apparatus and clothes. Spending in bars and restaurants was down.
Finance minister Jan Kees de Jager said the figures highlighted the need to get government finances under control.
Expected
Economists told ANP they had seen the disappointing figures coming. ‘We had expected growth would be down,’ said ING economist Charles Kalshoven.
‘We do not expect the shrinkage in the third quarter is the start of a new recession,’ said Rabobank economist Anke Struijs. ‘We see a downturn in exports because of the weakening world economy. And consumers are spending less because of the new cabinet’s saving plans.’