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Financial News: Dutch Economy Contracts Less Than Estimated In Q1

Dutch Economy Contracts Less Than Estimated In Q1

06/24/2020 - 02:22:00 (RTTNews)

(RTTNews) - The Dutch economy shrank less than initially estimated in the first quarter but this was the fastest decline since 2009, revised data from the Central Bureau of Statistics showed Wednesday.

Gross domestic product fell 1.5 percent sequentially in the first quarter, instead of the initial estimate of -1.7 percent. The economy had expanded 0.5 percent in the fourth quarter of 2019.

On a yearly basis, GDP decreased 0.2 percent, following fourth quarter's 1.6 percent expansion. The first quarter rate was revised from -0.5 percent.

The sequential fall was mainly driven by a 2.6 percent decrease in household spending. Government spending was down 1.5 percent. Exports of goods and services dropped 1.9 percent and imports slid 4 percent. Meanwhile, gross fixed capital formation grew 0.6 percent.

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