Sustained economic contraction

29/03/2013 09:30

The Dutch economy shrank by 0.4 percent in the fourth quarter of 2012 compared to the third quarter. It was the second consecutive quarter showing negative quarter-on-quarter growth. Taking into account the working-day pattern and the effects of seasonal variation, the economy contracted by 1.0 percent in the third quarter compared to the preceding quarter.

Gross domestic product in billion euro at  2005 prices

Gross domestic product in billion euro at  2005 prices

The Dutch economy contracted by 1.2 percent in the fourth quarter of 2012 compared to the same period one year previously. Fixed capital formation fell by 5.1 percent. Household spending on goods and services decreased by 2.5 percent. Government consumption, on the other hand, accounted for 0.3 percent growth. The volume of exports was 3.9 percent up from one year previously. The volume of imports grew by 4.4 percent.

Output realised by goods manufacturers was 1.3 percent down from one year previously. Production in the construction sector dropped by more than 8 percent, whereas output in mineral extraction increased by more than 3 percent. Manufacturing output was at about the same level as in the fourth quarter of 2011. Production generated by commercial services fell by 1.5 percent, but production in the non-commercial services sector improved by 1.0 percent.

The figures in this update are adjusted to the second estimate on economic growth in the fourth quarter of 2012. They have been revised compared to the first estimate published on 14 February 2013. 

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.

For more information on economic indicators, the reader is referred to the Economic Monitor.