Netherlands Economy Shrinks 8.5 Percent

Netherlands Economy Shrinks 8.5 Percent

The Netherlands economy, which was adversely affected by the coronavirus outbreak and recorded a record decline, shrank by 8.5 percent. The Netherlands Statistics Bureau (CBS) shared gross domestic product data for the second quarter of this year. According to the statement made by the bureau, the Dutch economy contracted by 1.5 percent in the first quarter due to the coronavirus epidemic. The country's economy contracted by 8.5 percent in the second quarter of the year, recording a record contraction. In the statement, underlining that these data are the sharpest decrease in a quarter in the calculations made since 1987, it was stated that the GDP decreased by 9.3 percent in the second quarter of this year compared to the same period of 2019. It was stated that more than half of the decline recorded in GDP in the second quarter was linked to the sharp decrease in "household consumption expenditure" during the crisis caused by the coronavirus epidemic, and there was a sharp decline in investments and trade balance. It was pointed out that low production in the trade, transportation, food and beverage and storage industry, business services industry and healthcare sector had a major impact on the record shrinkage that occurred. It was reminded that the sharp decline was seen in the second quarter of 2009, when the last economic crisis was experienced, with a 3.9 Netherlands contraction compared to the previous quarter.