The Netherlands is out of recession
13-11-2009
The Dutch economy grew by 0.4% in the third quarter of this year, compared with the previous quarter, meaning the country is now officially out of recession.
The new figures from the national statistics office CBS show the first period of economic growth in a year. On an annual basis, however, the economy contracted by 3.7%. 'According to normal definitions, the Netherlands is now out of recession,' the CBS said in a statement.
'It's nice to be able to signal the recovery but we still can't hang out the flags,' CBS economist Michiel Vergeer told news agency ANP.
Consumers are still reluctant to make major purchases in particular, he said. 'They are keeping their hands on their cash,' Vergeer said.
Exports
The recovery is still very fragile, Vergeer said, and almost entirely depends on improvements in the export market. Exports are still lower than a year ago but the decline is smaller than in the second half.
The finance ministry said the news showed that government efforts to combat the recession are working. 'The effect of the stimulus package is now visible,' a spokesman told the Financieele Dagblad.
New figures from the European Union statistics office Eurostat on Friday show that the eurozone as a whole is also out of the recession.
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