It’s official: the Netherlands has been in recession for a full year

The Dutch economy contracted a further 0.2% in the second quarter of 2013, meaning the Netherlands has now been in recession for a full year, the national statistics office CBS said on Wednesday.

Economists had widely predicted that the economy would shrink further, making further government spending cuts likely.

At the same time, the economies of France and Germany have both grown, prompting further criticism of the Dutch government’s new austerity measures.

At 11.00 hours, the government’s CPB planning agency is due to publish its preliminary economic forecasts for the rest of the year and 2014. In June, the CPB said the economy would contract by 1% in 2013 but grow by 1% next year.

More to follow

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