Minimum growth in Q2; forecast remains positive

euro note arrowThe Dutch economy grew just 0.1% in the second quarter against a forecast of 0.3%, the central statistics office CBS said on Friday.

Compared with the second quarter of 2014, growth was 1.6%.

The lower growth is a result of the decrease in gas production in Groningen, the CBS said.

The cabinet agreed in January to further reduce the volume of gas extracted in the first half of the year to 16.5 billion cubic metres. In June, full-year production was limited to 30 billion cubic metres.

The decision was taken because of mounting fears about the impact of earthquakes in the province. The quakes are caused by the land settling once the gas has been taken out.

The reduction has cut treasury income by around €2bn.

Earlier this week, the government’s macro-economic think-tank CPB said it expects the economy to grow 2% this year and 2.1% in 2016.

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