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Financial News: Dutch GDP Growth Slows In Q3

Dutch GDP Growth Slows In Q3

11/16/2021 - 06:07:00 (RTTNews)

(RTTNews) - The Dutch economy grew at a slower pace in the third quarter largely due to weak investment, data from the statistical office CBS showed Tuesday.

Gross domestic product grew 1.9 percent sequentially, following the 3.8 percent expansion posted in the second quarter. However, this was faster than the economists' forecast of 1.7 percent.

Likewise, the annual growth eased to 5.0 percent from 10.4 percent a quarter ago.

On the expenditure-side, household spending grew 3.8 percent and government consumption advanced 0.7 percent. Meanwhile, investment dropped 2.7 percent.

Exports and imports of goods and services moved up 1.3 percent and 1.6 percent, respectively.

In a separate communiqué, the statistical office said consumers lifted their spending in September. The annual growth in consumer spending improved to 4.6 percent from 3.1 percent in August. In September, exports grew at a slower pace of 5.3 percent year-on-year in September, following a 9 percent rise in August, another report from the CBS revealed. At the same time, imports were 8.1 percent higher than in September 2020.

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