Economy shrinks record 5.1% in Q2

The Dutch economy shrank 5.1% in the second quarter of 2009 compared to the same period last year, according to new figures published by the national statistics office CBS on Thursday.

This is the biggest contraction since the Second World War, said the CBS.
The shrinkage in the second quarter was 0.9% compared to the first three months of this year, said the CBS.
April to June 2009 was the fifth consecutive quarter in which the economy shrank, the longest period of negative growth ever registered by the CBS.
Nevertheless, the quarter-on-quarter contraction is considerably less sharp than the 2.7% measured in the first quarter of this year
Investments down
The biggest decline was in investments which were down 13% in the second quarter compared to a year earlier, according to the new CBS figures.
Exports were 10% lower in the same period. Household spending decreased 2.6% in the second quarter.
Only government expenditure rose (almost 3%) in the second quarter said the CBS.
Earlier this week figures from the government’s macro-economic think-tank CPB indicated that the economy is not expected to shrink further next year.
The confidential figures, leaked by the press, said there will be zero growth in 2010 rather than further contraction of 0.5% which the CPB forecast in June.

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation