The Dutch economy has entered a recession, shrinking 0.3% on a quarterly basis in the second quarter. This is the first recession since the pandemic, and follows a 0.4% contraction in the first three months of the year. The eurozone’s fifth largest economy was driven by a drop in consumer spending and exports. Consumer spending fell 1.6%, while exports were 0.7% lower than in the first three months of the year. Inflation in the Netherlands has dropped since hitting a peak of 14.5% in September 2022, but was still relatively high at about 6% in the second quarter of 2023.
The Dutch economy is facing a number of challenges, including high inflation, rising interest rates, and the war in Ukraine. These challenges are likely to continue to weigh on the economy in the coming months, and it is possible that the recession could deepen.
Important takeaways for all competitive exams:
Note: The people who live in the Netherlands are not Netherlandish or Netherlandians, they’re… Dutch.
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