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.
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