Statistics Netherlands (CBS) is slightly adjusting its figures on the contraction of the Dutch economy in 2020. Where the statistics office originally expected a decline of 3.8 percent, it now speaks of a decline in gross domestic product (GDP) of 3.7 percent. In the fourth quarter, GDP was 2.8 percent lower than in the same period in 2019.
The 3.7 percent contraction is the same as in 2009, just after the financial crisis. This time, the corona crisis is at the root of the poor performance, mainly due to lower household consumption. Companies also made less investments and trade declined. Government consumption did increase slightly.
In the fourth quarter, the economy fell by 2.8 compared to a year earlier. Compared to the third quarter, there was a decrease of 0.1 percent.
This limited contraction is mainly the result of more investments by companies in the fourth quarter. Compared to the third quarter, 5,000 new jobs were created, although there were still 108,000 fewer jobs than in the fourth quarter of 2019.
Statistics Netherlands made an initial calculation of economic growth on February 16, 45 days after the end of the quarter. Because more information about the Dutch economy becomes available every year, the statistical office makes a new estimate every year after ninety days.
Source site www.nu.nl