Netherlands Economic Forecast

Netherlands Economic Outlook

September 28, 2021

Recent GDP data revealed that the economy grew at a faster-than-initially-estimated pace in Q2, driven by upbeat private consumption and exports amid looser restrictions at home and abroad. Turning to Q3, household spending rose at a stronger sequential pace in July, while the labor market stayed very tight through August and consumers turned less pessimistic overall in the quarter, boding well for private consumption. Meanwhile, manufacturing sector operating conditions improved at a slightly softer pace in July–August, with output constrained by supply-side issues. In other news, restrictions were further eased on 25 September with the removal of social distancing requirements, which should particularly support the leisure sector. Lastly, the caretaker government tabled its draft 2022 budget on 20 September, announcing increased spending to tackle climate change and the housing problem.

Netherlands Economic Growth

The economy will rebound this year due to firming aggregate demand, and growth is set to accelerate further in 2022. The removal of restrictions facilitated by the vaccine rollout will buoy activity. However, supply-side constraints hang over the industrial sector, while the rollback of fiscal support measures and cautionary consumer savings pose additional downside risks. FocusEconomics Consensus Forecast panelists see the economy expanding 3.5% in 2021 and 3.4% in 2022, which is up 0.1 percentage points from last month.

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Netherlands Facts

Value Change Date
Bond Yield-0.065.70 %Jan 01
Exchange Rate1.120.65 %Dec 31

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