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Financial News: Dutch Economy Contracts Unexpectedly; Business Confidence

Dutch Economy Contracts Unexpectedly; Business Confidence Falls

11/15/2022 - 07:31:00 (RTTNews)

(RTTNews) - The Dutch economy contracted unexpectedly in the three months ended September amid a fall in investment and slowdown in consumer spending, preliminary data from the Central Bureau of Statistics showed on Tuesday.

Separate official data showed that business confidence turned to negative in the fourth quarter.

Gross domestic product contracted 0.2 percent sequentially in the third quarter, reversing a revised 2.4 percent growth in the second quarter. Economists had forecast a flat change for the September quarter.

On the expenditure-side, investment in fixed assets fell 1.7 percent, while household spending increased only 0.1 percent.

Exports and imports increased by 0.9 percent and 1.0 percent, respectively, over the previous quarter. Meanwhile, government consumption decreased marginally.

On a yearly basis, GDP growth moderated to 3.1 percent in the third quarter from 5.1 percent in the second quarter.

Annual export growth accelerated to 2.9 percent in September from 1.3 percent in August, led by more outflows of vehicles, machinery, and equipment. Imports were 0.6 percent higher compared to last year.

The statistical office also released household spending figures for the month of September. Consumers spent 2.2 percent more compared to September 2021, following a 1.8 percent rise in August. The measure has been rising since April last year.

Another official data showed that the business confidence indicator for the fourth quarter fell notably to -0.9 from 8.2 in the third quarter.

A decline in business confidence was recorded for the first time since the start of 2021.

Business confidence declined in almost all industries and was negative in five of the eleven industries, the statistical office said.

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