GDP in Netherlands
Netherlands - GDP (billions of Euros)
Economy contracts in Q1 at sharpest rate since 2009
A second reading of national accounts data showed that the economy suffered slightly less than previously estimated in Q1, with GDP decreasing a revised seasonally-adjusted 1.5% (previously reported: -1.7% s.a. quarter-on-quarter; Q4: +0.5% s.a. qoq). Nonetheless, Q1's reading marked the sharpest contraction since Q1 2009.
The softer contraction reflected a slightly less steep fall in household consumption of 2.6% (previously reported: -2.7% s.a. qoq; Q4: +0.7% s.a. qoq), while fixed investment expanded 0.6%, contrasting the previously reported 1.1% contraction (Q4: +1.3% s.a. qoq). On the other hand, public consumption fell at a sharper 1.5% qoq (previously reported: -1.4% s.a. qoq; Q4: +0.3% s.a. qoq).
Exports of goods and services contracted 1.9% in the quarter (previously reported: -3.0% s.a. qoq), marking the worst result since Q2 2015 (Q4: +0.6% s.a. qoq). Meanwhile, imports of goods and services contracted 2.0% (previously reported: -3.5% s.a. qoq; Q4: +0.6% s.a. qoq).
On an annual basis, the economy shrank 0.2% in Q1, swinging from Q4's 1.6% expansion and marking the worst reading since Q2 2013.
This year, the economy is expected to shrink at the sharpest rate since at least World War II. While fiscal stimulus should soften the blow somewhat, Covid-19 will extinguish domestic and foreign demand. Moreover, the balance of risks is further tilted to the downside by Brexit uncertainty, with the EU and the UK continuing to squabble over future relations and the trade agreement. Developments in the German economy will also have a key bearing on the Dutch economy.
FocusEconomics Consensus Forecast panelists see GDP contracting 5.6% in 2020, which is down 1.7 percentage points from last month’s projection. For 2021, the panel forecasts the economy to expand 4.9%.
Netherlands - GDP (EUR bn) Data
|GDP (EUR bn)||690||708||738||774||811|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||-0.06||5.70 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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July 1, 2020
Operating conditions in the Dutch manufacturing sector continued to deteriorate at the end of the second quarter, with the NEVI Manufacturing Purchasing Managers’ Index (PMI) coming in at 45.2 in June.
June 29, 2020
Business confidence came in at minus 15.1 in June, up from May's minus 25.1.
June 24, 2020
A second reading of national accounts data showed that the economy suffered slightly less than previously estimated in Q1, with GDP decreasing a revised seasonally-adjusted 1.5% (previously reported: -1.7% s.a.
June 22, 2020
Consumer confidence rose to minus 27 in June from May's minus 31.
June 2, 2020
Business conditions in the Dutch manufacturing sector deteriorated again in May, with the NEVI Manufacturing Purchasing Managers’ Index (PMI) dropping from 41.3 in April to 40.5.