News CBS
'There is no question of recession in the Netherlands'
After a quarter of stagnation, the Dutch economy grew again in the second quarter of this year: by 2,6%. This is evident from figures from Statistics Netherlands. "In recent weeks, many concerns have been expressed about a possible recession, but today's figures show that there is currently none," said Peter Hein van Mulligen, chief economist at CBS, in an explanation of the economic data. Inflation, staff shortages and a possible recession do worry entrepreneurs.
Employment has also grown. "In the second quarter, 94.000 jobs were added and the shortage on the labor market continued to increase," said Van Mulligen in a presentation today (August 17). Our economy grew 'considerably faster' than most other European countries in the past quarter, says Van Mulligen. The EU's grew 0,6%, the economies of the main trading partners half a percent or less and that of the UK shrank 0,1%. "The US economy has now contracted for two quarters in a row, putting the United States in a recession by the most common definition"
Gross domestic product (GDP) grew 2,6% in the past quarter. Investments have increased by 5,2%. Exports grew by 2,7% more than imports (1,6%). Households spent 0,9% more than in the first quarter of this year. Government consumption hardly grew, according to Statistics Netherlands.
5,3 percent year-on-year growth
Compared to the second quarter of 2021, GDP is 5,3% higher. There were no more corona measures in the second quarter of 2022, while restrictions were still in place for part of the second quarter of 2021, CBS explains. At the beginning of the first quarter of 2022, the catering industry, non-essential shops and contact professions still had to contend with a lockdown.
Consumer spending was 7% higher in the second quarter than in the second quarter of 2021. More was spent on catering, culture and recreation and transport and communication, but less on food, home furnishings and means of transport. According to Statistics Netherlands, consumers also consumed less gas due to the relatively mild weather.
In the second quarter of 2022, investment was 5% higher than in fixed assets in the same quarter a year earlier. More was mainly invested in homes, commercial buildings, aircraft and ships. Investments in machines and software were also higher than twelve months previously. Exports of goods and services were 5,6% higher in the second quarter than twelve months previously. The trade balance made a positive contribution to economic growth.
Consumer spending growth slows in June
CBS also published figures on consumer spending in June. In June 2022, consumers spent 5,2% more than in June 2021. More was spent on services, but less on goods. The growth is less than in the previous months of 2022. Consumer confidence is lower than ever measured by Statistics Netherlands in the past, says Van Mulligen. Consumers' willingness to buy is being weighed down by high inflation. Entrepreneurs are still positive, but more gloomy than before. The economic picture is mainly positive, according to Van Mulligen, "but the uncertainties are great due to the concerns about inflation, personnel shortages and the fear of a possible recession."
Linda van Eekeres
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