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Financial News: Dutch GDP Contracts More Than Estimated In Q1

Dutch GDP Contracts More Than Estimated In Q1

06/24/2024 - 04:07:00 (RTTNews)

(RTTNews) - The Dutch economy shrank more than initially estimated in the first quarter, the latest data from the Central Bureau of Statistics showed on Monday.

Gross domestic product dropped 0.5 percent sequentially in the March quarter, reversing a 0.1 percent rise in the fourth quarter, which was revised downwardly from 0.3 percent. In the flash report, the rate of decline for the first quarter was only 0.1 percent.

The decrease in the first quarter was mainly attributed to weaker goods exports, the agency said.

On a yearly basis, the economy contracted 0.6 percent versus a 0.5 percent fall in the fourth quarter. The latest figure was revised from a 0.7 percent decline estimated earlier. The decline in the trade balance and investments contributed most to the contraction.

On the expenditure side, household consumption grew 0.6 percent over the quarter, while government consumption remained unchanged.

Gross fixed capital formation advanced 0.6 percent, while exports of goods fell by 2.6 percent, resulting in negative net exports of 1.6 percent amid a 1.0 percent rise in imports.

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