An unexpected contraction of the Dutch economy

Compared to the last quarter of 2022, the Dutch economy shrank by 0.7 percent in the first quarter of this year. Statistics Netherlands announced this on Tuesday based on a provisional calculation. The economic slowdown was unexpected – growth was still 0.4 percent in the previous quarter – and goes against European trends.

The contraction was mainly the result of a decline in the balance of trade: both imports and exports of goods fell. A lot of gas was also withdrawn from Dutch stocks, which the Netherlands accounts for briefly. Also, the hotel and catering sector contributed to the contraction, as did the transportation and transport sector.

The decline of the Dutch economy contrasts with developments in the EU. Growth in EU countries was 0.3 percent in the last quarter. Neighboring countries like Belgium (0.4 percent), France (0.2 percent) and the United Kingdom (0.1 percent) also grew in the first quarter. The German economy remained at the same level and there was no contraction. (NRC)

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