The bank’s economic research bureau says in its new economic outlook that the Dutch economy may contract again in the second and third quarter. This would be the fifth time in five years the Dutch economy has contracted for at least six months in a row.
ING says preliminary forecasts suggest private spending, government spending and exports will all be negative this quarter. ‘So it is very possible the Dutch economy will shrink in the second quarter. Is this the first step in a triple dip?’ the report asks.
Even though the third quarter is likely to be better than the second, the prospects are still poor, the bank’s economists say.
On Tuesday, the national statistics office CBS said the Dutch economy grew 0.3% in the first three months of this year, taking the country out of recession.