Friday 10 July 2020

Dutch economy contracted 1.5% in Q1, major uncertainties remain

Photo: DutchNews.nl

The Dutch economy contracted by 1.5% in the first three months of this year, compared with the final quarter of 2019, national statistics agency CBS said on Wednesday.

This is slightly below the 1.7% forecast last month, and comes from better than expected figures on investment, particularly in housing, the CBS said.

Nevertheless, the drop is the first in six years and only takes in the early weeks of the lockdown, which came into effect in the Netherlands mid March.

The CBS has not forecast figures for the second quarter but does say by mid June 11 of the 13 key indicators are performing below par.

Most full-year forecasts published so far suggest the Dutch economy will contract around 6%.

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