At the same time, the Netherlands imported more goods.

The Dutch economy contracted by 0.3 percent in the second quarter of this year compared to the first quarter of 2023. This is evident from figures published by Statistics Netherlands (CBS) on Wednesday. This puts the Netherlands in recession, because there has been a contraction for two consecutive quarters now. In the first quarter of this year, the economy had already contracted by 0.7 percent compared to the last quarter of last year. Statistics Netherlands (CBS) is mainly looking for the cause of the contraction in declining exports and reduced household spending. At the same time, the Netherlands imported more goods. Consumers would be more cautious because of the price increases for groceries and energy. Households bought 1.6 percent less than in the first quarter.

Energy sector benefits The sectors that contributed most to the economic downturn were hotels and restaurants, trade, transport and storage. Energy companies, on the other hand, benefited from the high prices and contributed positively to the economy. Dutch companies did invest more this quarter than at the beginning of this year. These investments were mainly made in means of transport and machinery. The government also spent 0.7 percent more. Housing investment, on the other hand, declined due to higher interest rates. According to Statistics Netherlands, the number of vacancies in the Netherlands decreased slightly and so did the number of unemployed. However, the number of jobs grew slightly by 7,000. CBS chief economist Peter Hein van Mulligen speaks of 122 vacancies per 100 unemployed. ”The labour market is therefore just as tight as in the previous two quarters.”

The current state of the Dutch economy does not correspond to that of neighbouring countries. For example, Belgium and France are experiencing growth and the German economy has stagnated. According to Van Mulligen, the Dutch economy recovered from the pandemic a lot faster than the rest of Europe.

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