Netherlands Economic Outlook
September 28, 2021Recent 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 GrowthThe 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.
Netherlands Economy Data
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|Bond Yield||-0.06||5.70 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Netherlands Economic News
October 21, 2021
Consumer confidence came in at minus 10.0 in October, down from September's minus 5.0.
October 1, 2021
The NEVI manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, dropped to 62.0 in September from 65.8 in August.
September 28, 2021
Business confidence rose 9.6 in August to 11.1 in September.
September 23, 2021
Economic growth was stronger than initially estimated in the second quarter, with GDP expanding 3.8% quarter-on-quarter (previously reported: +3.1% qoq) following the 0.8% contraction logged in the first quarter.
September 22, 2021
Consumer confidence rose to minus 5.0 in September from August's minus 6.0.