Dutch Economy: Recession Confirmed After Second Quarter Contraction
GDP Shrinks 0.3%, Marking First Quarterly Contraction Since 2012
The Dutch economy has officially entered a recession, according to Statistics Netherlands (CBS).
The CBS reported that the country's gross domestic product (GDP) shrank by 0.3% in the second quarter of 2024 compared to the previous quarter.
This follows a 0.4% decline in GDP in the first quarter of the year.
Key Highlights:
- GDP growth of 1% in Q2 2024 compared to Q1 2024
- GDP growth of 0.8% in Q2 2024 compared to Q2 2023
- Two consecutive quarterly GDP declines, meeting the technical definition of a recession
- First recession in the Netherlands since 2012
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