Growth Dutch economy in decline

22/12/2011 09:30

The Dutch economy grew by 1.1 percent in the third quarter of 2011 compared to the same period last year. Growth was below the level of the second quarter, when the economy grew 1.6 percent relative to one year previously. If the working-day pattern and the effects of seasonal variation are taken into account, the gross domestic product (GDP) in the third quarter was 0.2 percent down on the second quarter. In the past two years, quarter-on-quarter economic growth has always been positive.

Fixed capital formation was 5.0 percent up on one year previously. The growth rate was slightly more substantial than in the previous quarter.

Household consumption decreased by 1.2 percent relative to the third quarter of 2010. Spending on goods was more than 2 percent down, while spending on services was marginally up. Government consumption was the same as one year previously.

Exports grew by 2.5 percent, imports by 1.9 percent. The growth of imports and exports was significantly smaller than in the second quarter. Growth of re-exports was down considerably; the growth of exports of Dutch products remained fairly stable.

Producers of goods generated 2.7 percent more output than one year previously. With 6.5 percent, output growth was highest in the sector mineral extraction. Output generated by the health care and welfare sector grew by 4.2 percent, but output generated by the public sector shrank by 1.3 percent.

Economic growth in Germany was more substantial than in the Netherlands. This was to a large extent due to household consumption. In the Netherlands, household consumption decreased in the third quarter, whereas it grew in Germany. The circumstances for household consumption are much more favourable in Germany than in the Netherlands. More information can be found in the article "Germans spending more, Dutch spending less".

Disposable for final expenditure and final expenditure (volume)

More figures can be found in dossier Business cycle.