Economic growth in the Netherlands fell sharply in the third quarter. Compared to last quarter, the economy increased by 0.2 percent during the period from early July to the end of September. This is the lowest quarterly trend over the last two years.
According to Wednesday's figures from the Central Bureau of Statistics (CBS). In the second quarter, this figure was 0.7 percent.
Peter Hein van Mulligen, CFO of Statistics Sweden, notes that the Dutch economy has increased rapidly for several consecutive quarters. "It is no surprise that there is a smaller quarter once a week." Compared with the same quarter last year, the economy has increased by 2.4 percent.
The decrease is mainly due to lower costs in construction. For example, less were invested in housing and infrastructure. Van Mulligen explains that the construction has made a significant capture since the crisis. Significant growth rates have been recorded since then. Now the growth seems to return to pre-crisis levels.
Consumer spending has risen for eighteen consecutive quarters
Consumers spend more than 2 percent more in the third quarter compared to the same quarter previously. Consumers now spend more than eighteen consecutive quarters more than a year earlier.
"Consumers have spent more time on, for example, electronics, but also on transport." Van Mulligen says, for example, that the popularity of private leasing is reflected in the figures.
"And the consumer also gave more to the catering industry again, as is the case all year long, and the sunny weather in the summer of this year, as these figures are about, will no doubt have helped."
Labor market tensions to crisis levels
Employment has risen again, making the labor market as tense as ten years ago, just before the crisis.
At the end of September, 262,000 vacancies were open, an increase of 11,000 vacancies compared to three months earlier. There were also 60,000 new jobs and the number of unemployed decreased by 6,000.
"You see this lack of different places, and there is an increase in the number of permanent contracts," says Van Mulligen. During the third quarter, the number of permanent contracts increased by approximately 140,000. Van may also see wages rising.
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