Second estimate for second quarter 2009: economy shrinks by 5.4 percent

24/09/2009 09:30

The Dutch economy shrank by 5.4 percent in the second quarter of 2009 compared with the same quarter last year. This second estimate of economic growth shows 0.3 of a percent point more decline than the first estimate published on 13 August. On the production side of the economy, the decline in other business services and temp agencies was larger than previously estimated. This accounts for most of the downward adjustment of total value added. Construction output also fell by more than in the first estimate.

With the exception of government consumption, all spending categories have been adjusted downwards. The smaller trade balance for services and lower investment spending also contributed to the larger decrease in GDP.

Quarter-on-quarter decrease 1.1 percent

After adjustment for working day and seasonal effects, the Dutch economy shrank by 1.1 percent in the second quarter compared with the previous quarter. This quarter-on-quarter decrease was 0.2 of a percent point larger than according to the first estimate.