THE HAGUE, Aug. 14 (Xinhua) -- The Dutch economy rebounded with a 1-percent growth in the second quarter of 2024 compared to the previous quarter, marking an end to nearly two years of contraction and stagnation, according to data released by Statistics Netherlands (CBS) on Wednesday.
After enduring nearly two years of decline and stagnation -- including a 0.5-percent contraction in the first quarter of 2024, this upturn has pushed the country's gross domestic product (GDP) slightly above its previous peak from the second quarter of 2022.
CBS Chief Economist Peter Hein van Mulligen attributed the recovery primarily to strong exports, with significant contributions from investment and government spending as well.
He noted, however, that household spending was lower than in the first quarter of this year, affected by persistent inflation.
CBS data show that government spending increased by 1 percent, while fixed asset investment rose by 0.4 percent, particularly in transportation, housing, and machinery. Despite these gains, household consumption fell by 1 percent in the second quarter, driven by decreased spending on food, beverages, and energy.
Van Mulligen noted that in the first quarter of this year, the Dutch economy lagged behind most other European countries. However, this trend reversed in the second quarter, with the economy surpassing many key trading partners and exceeding the European Union's overall economic growth rate of 0.3 percent. ■