Economy in decline

14/08/2013 09:30

Taking into account the working-day pattern and the effects of seasonal variation, the Dutch economy contracted by 0.2 percent in the second quarter of 2013 compared to the first quarter of 2013.This was the fourth consecutive quarter showing negative quarter-on-quarter growth, but the contraction is becoming smaller. 

Gross domestic product in billion euro at  2005 prices

Gross domestic product in billion euro at  2005 prices

The Dutch economy shrank by 1.8 percent in the second quarter relative to the same period one year previously. In 2013, the second quarter had the same number of working days as in 2012.

Fixed capital formation fell by 9.4 percent in the second quarter relative to twelve months previously. Household spending on goods and services decreased by 2.4 percent. Government consumption declined by 0.5 percent and exports of goods and services by 0.3 percent. Imports of goods and services were 1.7 percent down on the second quarter of 2012.

Output realised by producers of goods was 1.3 percent down from one year previously. The construction sector was hit hardest: output plummeted by 5.9 percent. Manufacturing output was 1.7 percent below the level of the second quarter of 2012. Partly due to the relatively cold weather conditions, output realised by the sector mineral extraction was 7.5 percent higher. Production generated by providers of commercial services fell by 2.2 percent, whereas production in the non-commercial services sector grew by 0.4 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.

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