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Europe is in mild recession, exports to drive Dutch recovery

Friday 11 May 2012

The European Commission on Friday restated its earlier position that the economies of the 17 eurozone countries would contract by an average 0.3% this year, but that the Dutch economy would shrink by 0.9%.

Next year, 'recovery is in sight', economic affairs commissioner Olli Rehn said, even though the 'economic situation remains fragile, with still large disparities across member states'.

The Netherlands is forecast to show growth of 0.7% in 2013, slightly below the 1% forecast for the eurozone as a whole. The spring forecast figures are more pessimistic than those of the government's own macro-economic forecasting agency CPB.

Austerity measures

The Brussels calculations do not take into account the likely affect of austerity measures currently being finalised by the minority cabinet and three smaller parties. But Rehn reiterated that the Netherlands should not expect any leniency in meeting the 3% budget deficit limit in 2013.

While the Dutch jobless total is low in European terms at 5.9%, it is still high for the Netherlands, the commission's report said.

Problems on the housing market and the pending austerity measures are likely to pressure consumer spending in the Netherlands. However, exports are likely to drive economic growth, the forecast said.


© DutchNews.nl



 

Readers' Comments

With China, Australia, the U.S., and the rest of europe in recessions or enacting draconian austerity measures who do the Dutch plan on exporting to? and since you make ZERO, what do you plan on exporting?

By Kevin | 11 May 2012 3:36 PM

@Kevin. Weed and fries, of course!! But, honestly, as you can see, the NL central bank does not agree. More propaganda here in this article.

By Jimmy | 11 May 2012 5:32 PM

@ Kevin: Of course the Dutch make things and have natural resources to export. This nation was built on trade. Even I know that, and I'm not a native. Ever heard of Dutch cheese, beer, agricultural products (flowers, anyone), and Philips?

But dont take *my* word for it, look at the "Economy" section here: http://www.state.gov/r/pa/ei/bgn/3204.htm

By Sharon | 11 May 2012 6:11 PM

@Kevin : That is elementary my dear Kevin as Sherlock Holmes would say – Tulips and Wine.

By elise | 11 May 2012 6:25 PM

China who has been the largest single contributor to global economic growth in past years is also running into trouble due to the slowdown in their economy. This could create further problems for many countries as China's exporters are losing their competitive edge and have stopped imports on various products.

By Josh | 11 May 2012 6:40 PM

The Netherlands is a manufacturing & exporting country. Fifth largest in the world for export. Holland will survive, always has.

By JK | 12 May 2012 2:27 AM

Let's see here: The NL exports most to the EU, where a lot of these countries are in recession or close to it and have no money to spend. Furthermore, Cheese and flowers are price in-elastic (Beer is debatable). Electronics? Philips has been selling off their fixed assets domestically and abroad since 2008, due to not being able to compete with Asia ( Remember the High Tech Campus in Eindhoven?). This coupled with the decrease in global demand plus the non-competitive manufacturing costs locally make this article absolutely impossible to believe.

By Jimmy | 12 May 2012 7:12 PM

True, the Netherlands is an exporting country, but it exports have always been the SAME. China is NOT in a recession, meaning they have the economic capacity and capital to manufacture cheaper and faster than the Netherlands.

If this country does not innovate and continues to export more or less the same things, it is going to get left behind by the emerging economies - China, Brazil, India, Russia, ASEAN, etc.

Focus and investment should be given to Small and Medium enterprises, as they are the driving force behind the REAL economy (and not the hifalutin financial one), REAL growth, job creation and innovation.

By Bob | 13 May 2012 10:13 AM

I prefer my recession spicy!

But this IS the Netherlands...;)

By CW | 13 May 2012 3:48 PM

@Kevin

The netherlands indeed has a lack of natural recourses, however, you forget that the port of Rotterdam is one of the most important distribution channels of Europe. These 'undock and move' operations are also measured as exports.

By Bart | 14 May 2012 10:17 AM

Thanks for your comments, Bob and Jimmy. Thanks to you, I've learned something today :)

By Stupid | 14 May 2012 12:12 PM

 
 
 
 
 
 
 
 
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