Dutch economy stagnates

The Dutch economy stagnated in the second quarter of 2011 with growth of just 0.1%, according to figures released on Tuesday by the central statistics agency.


However, the figures were better than for the year earlier period, showing growth of 1.5%. But consumer spending remained at the same low level.
Economic affairs minister Maxime Verhagen told news agency ANP the figures are not a surprise. ‘The turmoil on the financial markets is having an effect, as is low growth in our neighbouring countries,’ he said.
Consumers are spending more on sustainable products and services, but they are spending less on food and entertainment. They are also using less gas because of the relatively mild weather, says the CBS.