THE HAGUE, Nov. 14 (Xinhua) -- The Dutch economy contracted in the third quarter of 2023, which already was the third quarterly shrinkage of the year, Statistics Netherlands (CBS) said on Tuesday.
According to CBS, the gross domestic product (GDP) fell by 0.2 percent in the Q3 of 2023 compared to the previous quarter. The contraction was smaller than in the first two quarters of this year, when the economy shrank by 0.5 and 0.4 percent respectively.
The last time the Dutch economy shrank three quarters in a row was during the financial crisis in 2008 and 2009.
"Many jobs often disappear during a recession," CBS chief economist Peter Hein van Mulligen explained in a presentation. "That is not the case now. Many jobs were created, 31,000 to be precise compared to the previous quarter. The labor market is still very tight."
The contraction in the third quarter can be mainly attributed to a decline in investments in fixed assets and a decline in inventory changes. Compared to the same quarter in 2022, the Dutch economy shrank by 0.6 percent in the third quarter of 2023.
CBS compared the figures with neighboring countries, with CBS chief economist saying that "the Dutch economy performed a little worse than our neighbors."
GDP in Germany fell by 0.1 percent in the third quarter, while Belgium's and France's economy grew by 0.5 and 0.1 percent respectively in the third quarter of 2023 compared to the previous quarter. On average, GDP in European Union countries rose by 0.1 percent in the third quarter. ■
