Second estimate of the first quarter 2009: economy shrinks 4.5 percent

In the first quarter of 2009 the Dutch economy shrank 4.5 percent compared to one year earlier. This second estimate is similar to the first estimate of 15 May. On the expenditure side, investments, imports and exports of services shrank less, while the growth in government consumption was downwardly adjusted, compared with the first estimate.

On the production side, agriculture, trade and repairs grew more than first estimated. Production in construction was adjusted downward as it is shrinking slightly.

Quarter-on-quarter shrinkage 2.6 percent

The Dutch economy shrank 2.6 percent in the fourth quarter in comparison with the third quarter. This figure takes the calendar and seasonal effects into account. The quarter-on-quarter decrease is 0.2 percent points smaller than in the first estimate. The adjustment is the result of the new annual estimates in which the 2008 growth rate was adjusted downward a little. This has a positive effect on the first quarter growth of 2009 compared to the fourth quarter of 2008.

Annual figures

With the adjusted first quarter figure of 2009 came the adjustments of the annual estimates of 2006 (final), 2007 (revised provisional) and 2008 (provisional). The economic growth of 2006 is unchanged at 3.4 percent. The growth rate in 2007 was upwardly adjusted by 0.1 percent point from 3.5 to 3.6 percent.  The growth rate of 2008 was downwardly adjusted by 0.1 percent point from 2.1 to 2.0 percent.