Friday 07 October 2022

Companies book record profits in Q2, as Dutch economy grew 2.6%

Photo: Depositphotos.com

Dutch companies booked record profits in the second quarter of 2022 and households too had more to spend than a year ago, national statistics agency CBS said on Friday.

In total, industry – excluding the financial sector – generated profits of €75.2 billion in the second quarter, a rise of €8.4 billion on a year ago, the CBS said. The agency did note that some companies were still benefiting from government coronavirus support.

In particular, energy companies, airlines, travel agencies and staffing agencies were most likely to make more profits in April, May and June, as the economy reopened following pandemic closures.

Households too had an average of 1% more to spend, as more people were in paid work and were working more hours. Pay rises averaged 2.9% over the period.

At the same time, the national mortgage debt rose by €10.6 billion to €804 billion, as house prices rose.

The Dutch economy grew by 2.6% in the second quarter, in line with earlier estimates, the CBS said.

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