Economic downturn worsened

13/08/2009 15:00

The Dutch economy contracted by 5.1 percent in the second quarter of 2009 relative to the same period in 2008. In the first quarter, the downturn was 4.5 percent. The second quarter had a working day less than the second quarter of 2008.

The Dutch economy shrank by 0.9 percent in the second quarter relative to the first quarter, taking calendar and seasonal effects into account. Quarter-on-quarter-growth has been negative for five consecutive quarters. This has not occurred since the survey started. The downturn in the second quarter is notably smaller than in the first quarter, when the economy shrank by 2.7 percent.

Fixed capital formation decreased by 12.9 percent. Investments in machinery and company cars and in housing and non-residential building dropped. Investments in infrastructural developments, on the other hand, were higher than one year previously.

Exports and consumption also declined. The volume of exports of goods and services was 10.9 percent down on one year previously. The volume of imports of goods and services decreased by 10.3 percent. Households spent 2.6 percent less on goods and services. Government consumption was the only expenditure category showing growth. The volume was 2.8 percent up on the second quarter of 2008.

Output in mineral extraction, manufacturing industry and, to a lesser extent, construction, was far below the level of the second quarter of 2008. Production of goods manufacturers was 10.0 percent down. Production of commercial service providers dropped by 4.8 percent. Production of non-commercial services grew by 1.8 percent.

Disposable for final expenditure and final expenditure (volume)

Disposable for final expenditure and final expenditure (volume)