The Dutch economy contracted by 0.7 percent in the first quarter of this year compared to the last quarter of 2022. Central Bureau of Statistics Tuesday based on a provisional calculation. The economic downturn is unexpected – growth was still 0.4 percent in the previous quarter – and goes against the European trend.
The contraction is mainly the result of a decline in the trade balance: both imports and exports of goods fell. Exports suffered a greater setback, resulting in a negative trade balance. A lot of gas has also been withdrawn from Dutch reserves, which Statistics Netherlands also counts as shrinkage. In addition, the trade and hotel and catering industry also had a negative impact on economic development.
The decline of the Dutch economy is at odds with developments in the European Union. The growth of the EU countries amounted to 0.3 percent. Neighboring countries such as Belgium (0.4 percent), France (0.2 percent) and the United Kingdom (0.1 percent) also grew in the first quarter. The German economy remained at the same level, there was no contraction there either.