Sustained economic contraction

Taking into account the working-day pattern and the effects of seasonal variation, the Dutch economy shrank by 0.4 percent in the first quarter of 2013 compared to the fourth quarter of 2012.This was the third consecutive quarter showing negative quarter-on-quarter growth, but the contraction is becoming smaller.

Gross domestic product in billion euro at  2005 prices

The Dutch economy contracted by 1.8 percent in the first quarter compared to the same period one year previously. The first quarter of 2013 had two working-days fewer than the first quarter of 2012.

Fixed capital formation fell by 11.8 percent in the first quarter relative to twelve months previously. Household spending on goods and services decreased by 2.4 percent. Government consumption declined by 0.6 percent. Imports of goods and services were 0.8 percent down on the first quarter of 2012. The volume of exports, on the other hand, was 1.4 percent up from one year previously.

Output realised by goods producers was 1.0 percent down from one year previously. The construction sector was hit hardest: output plummeted by 8.6 percent. Manufacturing output was 4.5 percent below the level of the first quarter of 2012. Partly due to the relatively cold weather, output realised by the mineral extraction sector was 12.4 percent higher. Production generated by the commercial services sector fell by 2.4 percent, whereas production in the non-commercial services sector remained at the same level as one year previously.

The figures in this update have been adjusted in accordance with the second estimate of economic growth in the first quarter of 2013. They have been revised compared to the first estimate published on 15 May 2013.

Disposable for final expenditure and final expenditure (volume)

More figures can be found in dossier Business cycle.

For more information on economic indicators, the reader is referred to the Economic Monitor.