Economic growth slows down
Dutch economy grew 1.8 percent in the third quarter of 2008 relative to the same period last year. The third quarter had one extra working day compared to the third quarter of 2007. Economic growth was almost reduced by half compared to the first six months of 2008. The Dutch economy did not grow relative to the second quarter. After correction for calendar and seasonal effects, the volume of the Gross Domestic Product (GDP) was equal to the volume in the second quarter. For the second time in a row, there was no quarter-on-quarter-growth.
Exports of goods and services were 4.3 percent higher than in the third quarter of 2007. Imports of goods and services grew by 4.6 percent. Growth of fixed capital formation dropped considerably. Fixed capital formation growth was 3.8 percent, considerably lower than in the first six months, when an 8.5 percent growth was achieved.
Households spent 1.3 percent more on goods and services. This growth level is considerably lower than over the first six months. Growth of spending on services in particular slowed down. On the other hand, spending on durable goods picked up slightly. The volume of government consumption was 1.2 percent up.
Production growth of both goods and services was lower than in the preceding quarters. Production growth in manufacturing industry almost disappeared. In the sector hotels and restaurants, production growth was lower for the second quarter running. Agriculture and health care were the only sectors to realise a higher production growth than in the first six months of 2008.