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The Dutch economy is shrinking at an unprecedented 8.5 percent

with The economy in the second quarter of this year, and with 8.5-percent pre-shrunk compared to the previous quarter, when it also was on a decline. "Such a c

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The Dutch economy is shrinking at an unprecedented 8.5 percent

with The economy in the second quarter of this year, and with 8.5-percent pre-shrunk compared to the previous quarter, when it also was on a decline. "Such a contraction has not previously been measured in" reports of the Central Bureau for Statistics (CBS) on Friday.

In the two quarters of contraction in a row it is called a recession. "The word recession, there are barely any on the place," said chief economist Peter Hein van Mulligen of the CBS. "There has been massive damage to the economy two quarters in a row, with a total of 10 per cent, shrinkage. Even in the last century, we have no such decline is seen."

The decline of the country's gross domestic product (gdp) in the second quarter was the first full quarter during the coronacrisis, it is more than half, due to a decrease in spending by consumers. "But the fact is that the shrinkage is everywhere," says Van Mulligen.

"in particular, in the sectors that are most affected by the moment you have been caught, such as culture and recreation, transportation, and hospitality industries." There is also, for example, in the travel and aviation industry is under. But even in the lower level of production in the care sector , due to delayed and avoided for care services, has the answer.

Consumer were in the second quarter, at 10.4 per cent, less than in the first three months of 2020, and the investments have decreased by 12.4 per cent. "The exports and imports of goods and services fell, respectively, to 9.8, and 8.3%. The government consumption finally, it was down to 3 per cent.

Even without the lock, it is less to type

The economic downturn has put even without a lock by, for notes to the STATISTICS. "The contraction is in the first place, it is caused by the feline corona virus. Since the hospitality industry is open, it is still a few more days to be discussed," says the chief economist. "People are also now able to have things to do as a result of the virus."

However, there are some bright spots to be seen at the end of the second quarter of the year. "As long as the corona is still there, the problems of the economy are not yet over."

in the Netherlands, it is also highly dependent on exports, and because the corona virus is spread, the international market significantly. "The inbound tourism, and export services industry."

In comparison to other European countries, the Netherlands did it is still relatively easier. "The decline in the Netherlands was, however, smaller than that of the average in the euro area and in the neighbouring countries, such as Germany, the United Kingdom, and Belgium."

The European economy is also in the second calculation is considerably diminished in the second quarter, reported Eurostat on Friday. The euro-area economy shrank 12.1 percent in the EU and 11.7% at the end. Previously, the EU is assumed to be a contraction of 11.9 per cent.

a Much larger decline than during the financial crisis,
The decline in the Netherlands was 8.5 per cent quarter-on-quarter and 9.3 per cent on an annual basis and are based on a preliminary estimate by statistics netherlands. Usually are the final numbers, there is not a lot of them. The coronacrisis allows for uncertainty, draws the statistics on the data.

as of The statistical agency that measures the economic growth rate since 1987. The last quarter was a contraction of 3.6 per cent in the first quarter of 2009, which, at the time of the financial crisis, as well as the largest measured decline.

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