Dutch business confidence fell to -14.8 at the start of the second quarter of 2026, the sharpest quarterly drop since the covid lockdown in 2022 and the lowest level since the end of that year, statistics agency CBS has said.

The indicator runs on a scale from -100 to +100, with zero meaning optimism and pessimism among Dutch firms are evenly balanced. It fell from -1.8 in January, a 13-point drop. The previous low was -20.3 in October 2022, during the peak of the energy crisis that followed Russia’s invasion of Ukraine.

Businesses were more negative both about how the economy has developed and about how it is likely to develop, CBS said. Confidence is negative across every sector.

Drops by sector 

Construction saw the steepest fall, dropping from +1.1 to -29.4. Hospitality slid from -12 to -30.1, and agriculture, forestry and fisheries, the most negative sector overall, fell from -20.6 to -36.3. Information and communication, the auto trade and business services all swung from positive figures to negative.

More businesses are also expecting to raise their prices. Around 30% expect their selling prices to rise over the next three months, up from 20% a quarter earlier, though still well below the 47% peak in April 2022. In trade and industry the figure has more than doubled compared with the previous quarter.

Labour shortages were the most commonly cited obstacle, followed by insufficient demand, financial constraints and a shortage of production resources. A number of “other causes” – including the geopolitical situation, economic uncertainty and regulation – were also noted.

Confidence was most negative in Friesland and least negative in Utrecht province. The quarterly survey was produced jointly by CBS, the Chamber of Commerce (KVK), construction research body EIB and employers’ associations MKB-Nederland and VNO-NCW.