The official data published on Wednesday reveals that the Dutch economy has entered a state of recession due to experiencing negative growth for two consecutive quarters.
As indicated by the Central Bureau of Statistics (CBS), the economy contracted by 0.3% in the second quarter of this year, following a 0.4% decline in the first quarter.
This technical recession comes after the Netherlands exhibited a robust rebound from the effects of the coronavirus pandemic, surpassing the performance of numerous European counterparts.
Peter Hein van Mulligen, the chief economist at CBS, remarked, “Following the initial downturn caused by the pandemic, the Dutch economy rebounded with exceptional speed and strength compared to the rest of Europe. However, this trend has reversed over the past year.”
To summarize, the Dutch economy has officially entered a recession, marked by two consecutive quarters of negative growth, according to the data released on Wednesday.
The second quarter saw a contraction of 0.3%, following a 0.4% decline in the first quarter, as reported by the Central Bureau of Statistics (CBS).
This downturn follows a period of strong recovery post the COVID-19 pandemic, during which the Netherlands outperformed several European neighbors.
CBS’s chief economist, Peter Hein van Mulligen, noted that the Dutch economy’s rapid and robust recovery compared to Europe has shifted in the past year.