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The Dutch economy has entered a recession, according to official figures released on Wednesday. The country's economy shrank by 0.3% in the second quarter of 2023, following a 0.4% contraction in the first quarter.
The Netherlands ranked as the euro zone's fifth-largest economy, had displayed a robust recovery from the COVID-19-induced slump, boasting an impressive annual economic growth of nearly 5% in both 2021 and 2022.
However, the first recession since the pandemic's onset has been propelled by a downturn in both consumer spending and exports. Escalating inflation has led to increased food prices and energy expenses not only in the Netherlands but also among its trading partners.
Specifically, consumer spending experienced a notable decline of 1.6%, while exports registered a 0.7% drop compared to the year's first quarter.
Although inflation in the Netherlands has subsided from its peak of 14.5% in September of the previous year, it remained relatively elevated, hovering around 6% throughout the second quarter of 2023.
— Harshita Kumar
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