Economic picture slightly less positive but growth hit 2.1% in Q3

The Dutch economy is slightly less well placed in December, although ten of the 13 indicators are still outperforming their long-term trend, national statistics office CBS said on Friday.

The Dutch economy grew 2.1% in the third quarter when compared with the same period in 2020, above the earlier forecast of 1.9%. The high growth figure is due to both consumer and government spending, the CBS said.

Consumer confidence has gone down and remains well below the average over the past 20 years, the CBS said. Nevertheless, consumer spending in October was up 8.5% on a year ago and 1.9% when compared with 2019, before coronavirus hit.

Household disposable income was up 2.9% in the third quarter of the year, driven mainly by pay rises.

Producers are, however, more positive, with the producer confidence index hitting its highest level since the CBS began researching the subject in 1985. There were slightly more bankruptcies in November but the total figure is still low when compared with the pre-coronavirus period.