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Netherlands, the Fifth-largest Economy in the Eurozone, Fallen Into Recession

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The country has entered a recession as its economy contracted by 0.3% in the second quarter compared to the previous quarter, according to the initial estimate released by the Dutch statistical office.

Despite being the fifth-largest economy in the Eurozone, the Netherlands has experienced a second consecutive quarterly decline, following a 0.4% contraction in the first three months of this year.

Dutch economic growth reached nearly 5% in 2021 and 2022, a rebound from the pandemic-induced slump. However, the first post-pandemic recession was triggered by a decline in personal consumption and exports, driven by high inflation that raised food prices and energy bills.

Consumption plummeted by 1.6%, and exports shrank by 0.7% compared to the first three months of this year.

Read more...

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Inflation in the Netherlands is moderating; after peaking at 14.5% in September last year, it remains relatively high at around 6% in the second quarter of 2023.

The economy of Belgium, the Netherlands’ neighbor, grew in the last quarter, while Germany, a European economic powerhouse that the Dutch economy heavily relies on due to its proximity, experienced stagnation in the same period.

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