A growth of no more than half a percent had been expected in advance for the period from April to June. “When I saw the figures, I initially thought ‘just kidding’, says chief economist Peter Hein van Mulligen of CBS. But thanks to substantial investments in machines and industrial buildings and thanks to solid exports, the Dutch economy performed better than expected.
Catering and holiday
The consumer also contributed. The Dutch spent 7% more than in the same period last year. That money was mainly spent in the catering industry, on outings, holidays and other services. “The approaching recession that we have been talking about constantly in recent weeks is mainly between the ears,” says Van Mulligen.
Consumer confidence may have reached an all-time low, but it does not mean that we are spending less for the time being, notes Van Mulligen. The business community is also more positive, although entrepreneurs are concerned about the acute shortage of personnel.
Whole year
Statistics Netherlands takes into account that the economy will run a lot less in the second half of this year. “But suppose we end up with a minus of 0.5% in the third and fourth quarters, then we will still arrive at a growth of around 4% for the entire year, says Van Mulligen. After a growth of roughly 5% over 2021, that is a very nice achievement.”