Growth Dutch economy slows down

16/08/2011 09:30

The Dutch economy grew by 1.5 percent in the second quarter of 2011 compared to the same period last year. The growth was considerably less substantial than in the first quarter, when the gross domestic product (GDP) was 2.8 percent up on one year previously. If the working-day pattern and the effects of seasonal variation are taken into account, the economy grew by 0.1 percent in the second quarter relative to the first quarter of 2010.

Fixed capital formation was 4.2 percent up on one year previously. The growth rate was considerably lower than in the previous quarter, when fixed capital formation grew by 10.1 percent. The growth of investment in construction in particular was lower than in the first quarter, when the construction sector benefited from relatively favourable weather conditions.

Household spending was the same as in the second quarter of 2010. Spending on services and durable goods was up, but on the other hand household consumption of natural gas and food, drinks and tobacco was down. Consumption by the government was 0.9 percent higher than one year previously.

Exports grew by 6.6 percent and imports by 5.8 percent. The increase of both exports and imports was slightly smaller than in the first quarter. Especially the growth of exports of Dutch products slowed down.

Producers of goods generated 1.0 percent more output than one year previously. At approximately 3 percent, output growth was largest in the construction sector and the manufacturing industry. Production in the sector commercial services showed 2.0 percent growth. Output generated by the public sector and the health care sector grew by 1.6 percent.

Disposable for final expenditure and final expenditure (volume)

Disposable for final expenditure and final expenditure (volume)

More figures can be found in dossier Business cycle.