Dutch economy enters recession for first time after Covid-19

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After the first quarter of the year, the Dutch economy shrank in the second quarter and entered a recession. The decline in consumer spending and exports are thought to be the two most important factors causing the recession.

Dutch economy enters recession for first time after Covid-19

The Netherlands Statistics Authority (CBS) published preliminary data on growth rates for the second quarter of 2023.

According to the data, the Dutch economy, which contracted by 0.4 percent in the first quarter compared to the previous quarter, shrank by 0.3 percent in the second quarter.

Thus, the Netherlands, one of the most important economies in Europe, entered a recession.

Seasonally adjusted GDP (gross domestic product) in the Netherlands decreased by 0.3 percent in the second quarter of 2023 compared to the same period last year.

Due to the decline in consumer spending and exports, the Netherlands entered recession for the first time since the beginning of the Covid-19 outbreak.

The increase in food and energy prices in the country rapidly increased inflation and slowed economic activities.

Source: Anadolu Agency

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