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Financial News: Dutch Economy Recovers In Q3

Dutch Economy Recovers In Q3

11/13/2020 - 06:11:00 (RTTNews)

(RTTNews) - The Dutch economy rebounded in the second quarter as the relaxation of Covid-19 containment measures boosted household spending, preliminary data from Statistics Netherlands showed Friday.

Gross domestic product grew 7.7 percent sequentially in the third quarter, reversing an 8.5 percent decline seen in the second quarter and faster than the 7 percent growth economists' had forecast.

However, the latest growth does not offset the decline in the first two quarters. Recently reinstated social distancing measures will push down services again in the fourth quarter, Marcel Klok, an economist at Capital Economics, said. All in all, a general decline in GDP in the fourth quarter seems unavoidable, as both domestic and foreign demand will take a step back.

Data showed that more than half of the sequential growth was driven by the 9.4 percent increase in household consumption. Government consumption, trade balance and investments also increased in the third quarter.

Government spending and investment gained 6.3 percent each. Exports and imports were up 8.6 percent and 6.8 percent, respectively.

On a yearly basis, GDP shrank 2.5 percent, but slower than the 9.4 percent decline posted in the second quarter.

In a separate communiqué, the statistical office said consumer spending dropped at a faster rate of 3.5 percent annually in September after a 2.4 percent fall in August.

Consumers spent more on goods and less on services over the past few months.

Another report showed that exports of goods grew 0.7 percent annually in September, reversing a 3.6 percent fall in August. Similarly, imports gained 1 percent, in contrast to a 0.9 percent drop in August.

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