High household debt, falling house prices, public spending cuts and the reluctance of banks to lend are keeping the Dutch economy depressed, credit agency Standard & Poor’s said on Monday.

S&P’s expects house prices to fall 3% this year and a further 1% in 2014. This is a total fall of 23% since the peak of the housing boom in 2008.

Together with household debt, constant public spending cuts and the banks’ attempts to strengthen their capital position, the Netherlands will have to rely on exports to see any economic growth in the near future.

Transit

S&P’s says exports have grown 15% since 2008, but most of this comes from transit shipments which do not earn the country nearly as much as exporting products made in the Netherlands would do.

S&P’s lowered the rating of four Dutch banks in November and currently has a ‘negative’ outlook on seven banks.