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Central bank sees further economic decline, cabinet stands firm

Monday 10 December 2012

The Dutch economy will contract by a further 0.6% next year, the central bank says in its latest economic forecasts.

This means unemployment will also rise sharply to 6.2% and the budget deficit will not meet eurozone targets in 2013 or 2014, the central bank said in a statement.

Consumer spending and investment continue to fall, as does government spending. In addition, economic problems in the rest of the eurozone are also affecting exports, a key motor of the Dutch economy, the central bank said.

New measures

The finance ministry said in a statement the new forecasts are worrying but there is no reason to take extra steps.

'It is especially important to keep a steady course,' the finance ministry said. The cabinet's focus remains to ensure government finances are brought back under control.

In addition, the ministry pointed out that a number of organisations draw up economic forecasts and the cabinet bases its policies on the estimates produced by the macro-economic think-tank CPB.

The CPB forecast earlier the economy will grow by 0.75% next year, but is due to publish revised figures next week.

© DutchNews.nl



 

Readers' Comments

'Well sure glad the rocket scientists informed us of this great news, wow! - 0.69% growth: personally I see it as counting chicks before they hatch, pretty pointless, much like the last 2 months of NL weather. :( :P

By The visitor | 10 December 2012 5:26 PM

Get rid of all the subsidies to prop up uneconomic businesses.And shame people for evading taxes in the news papers. I dare say you get most of the rich evading their responsibilities.

By kees | 10 December 2012 10:35 PM

Hasn't anyone noticed that austerity is a sure route to recession?
As the Netherlands “keeps a steady course” into deeper and deeper economic decline, the politicians don’t dare admit that they’re wrong.
They base their decisions on the analysis of a compliant think tank instead of their own central bank; while every economist on the planet knows this is disaster policy.

By Mark Holden | 11 December 2012 12:42 AM

 
 
 
 
 
 
 
 
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