Financial News: Dutch Economy Grows 0.8% In Q3

Dutch Economy Grows 0.8% In Q3

11/14/2024 - 05:31:00 (RTTNews)

(RTTNews) - The Dutch economy expanded for the second straight quarter in the three months ending September, led by increased consumer and government spending, preliminary data from the Central Bureau of Statistics showed on Thursday.

Gross domestic product rose 0.8 percent sequentially in the third quarter, though slightly slower than the 1.1 percent rebound in the second quarter.

The expenditure breakdown showed that household consumption grew 0.8 percent over the quarter as they spent more on clothing, home furnishings, and energy. Government spending also rose 0.8 percent, which was more evident in healthcare and public administration.

Considering other demand components, investments in fixed assets advanced 0.7 percent. Both exports and imports climbed by 0.4 percent and 0.6 percent, respectively.

On an annual basis, GDP expanded at an accelerated pace of 1.7 percent versus a 0.8 percent recovery in the previous quarter.

Separate official data showed that exports rebounded strongly by 3.0 percent annually in September after falling 0.7 percent in August. Further, this was the strongest growth since March 2023. The volume of imports showed an increase of 5.9 percent.

Exports of chemical products, food and luxury goods, and electro-technical machinery and optical equipment in particular were higher, the agency said.

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