FOREX TradingCharts.com

Financial News: Dutch GDP Falls Most On Record On Covid-19

Dutch GDP Falls Most On Record On Covid-19 Impact

08/14/2020 - 11:48:00 (RTTNews)

(RTTNews) - The Netherlands' economy shrank at a record pace in the second quarter and entered a severe recession, due to the impact of the coronavirus, or Covid-19, pandemic, preliminary estimates from the Central Bureau of Statistics showed on Friday.

Gross domestic product decreased 8.5 percent sequentially after a 1.5 percent decline in the first quarter. Economists had forecast a 9.2 percent fall.

This is the largest quarterly decline on record and more than half of it was attributable to the nosedive in household consumption, while investments in fixed assets and the trade balance also decreased sharply, the CBS said.

Previously, the sharpest quarterly decline was 3.6 percent in the first quarter of 2009 during the global financial crisis.

Household spending dropped 10.4 percent and investments decreased 12.4 percent. Exports and imports fell 9.8 and 8.3 percent, respectively. Public consumption declined 3 percent.

Weakness in sectors such as trade, transport, accommodation and food services and storage as well as business services including travel services, and care all contributed significantly to the economic decline. In the health care sector, the lower productivity was mainly due to the fact that many health and care services were postponed or avoided during the Covid-19 crisis.

On a year-on-year basis, GDP fell 9.3 percent in the second quarter after a 0.2 percent drop in the previous three months. Economists had expected a 9.7 percent decline. The latest annual fall was also a record, surpassing the 4.6 percent decline logged in the second quarter of 2009.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Leading Economic Index Suggests Rebound May Be Losing Stream (03 min(s) ago)
(RTTNews) - A report released by the Conference Board showed a continued increase by its reading o ...Full Story»

U.S. Consumer Sentiment Improves Much More Than Expected In September (50 min(s) ago)
(RTTNews) - After reporting an unexpected increase in U.S. consumer sentiment in the previous mont ...Full Story»

Italy Current Account Surplus Rises For First Time Since April (21 min(s) ago)
(RTTNews) - Italy's current account surplus increased for the first time in four months in Jul ...Full Story»

Croatia Jobless Rate Steady At 9% In August (50 min(s) ago)
(RTTNews) - Croatia's unemployment rate remained unchanged in August after easing in the previ ...Full Story»

Poland's Industrial Output Rises Less Than Expected ( ago)
(RTTNews) - Poland's industrial production grew less than expected in August, data from Statis ...Full Story»

Russia's Central Bank Keeps Rate On Hold (37 min(s) ago)
(RTTNews) - Russia's central bank left its key interest rate unchanged at a record low as wide ...Full Story»

Italy's Industrial Orders Rise In July (25 min(s) ago)
(RTTNews) - Italy's industrial orders and turnover increased for the third consecutive month i ...Full Story»

Eurozone Current Account Surplus Falls In July (11 min(s) ago)
(RTTNews) - The euro area current account surplus declined in July due to a fall in primary income ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Leading Economic Index Suggests Rebound May Be Losing Stream

09/18/2020 - 10:27 AM (RTTNews)
(RTTNews) - A report released by the Conference Board showed a continued increase by its reading o ...Full Story>>

U.S. Consumer Sentiment Improves Much More Than Expected In September

09/18/2020 - 10:14 AM (RTTNews)
(RTTNews) - After reporting an unexpected increase in U.S. consumer sentiment in the previous mont ...Full Story>>

Italy Current Account Surplus Rises For First Time Since April

09/18/2020 - 09:45 AM (RTTNews)
(RTTNews) - Italy's current account surplus increased for the first time in four months in Jul ...Full Story>>

Croatia Jobless Rate Steady At 9% In August

09/18/2020 - 09:14 AM (RTTNews)
(RTTNews) - Croatia's unemployment rate remained unchanged in August after easing in the previ ...Full Story>>

Poland's Industrial Output Rises Less Than Expected

09/18/2020 - 08:24 AM (RTTNews)
(RTTNews) - Poland's industrial production grew less than expected in August, data from Statis ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.