PHOTO
A cyclist crosses an empty square in central Maastricht after Dutch schools, cafes, restaurants and sport clubs were told to close down as the Netherlands imposed tight restrictions to prevent the spread of the coronavirus disease (COVID-19), Netherlands March 16, 2020. Francois Lenoir, Reuters Image used for illustrative purpose.
The Dutch economy shrank 0.7% on a quarterly basis in the first quarter of 2023, as exports dropped and consumer spending stagnated, a first estimate by Dutch statistics office CBS showed on Tuesday.
Economists polled by Refinitiv had on average predicted a stagnation of the euro zone's fifth-largest economy during the first three months, after growth of 0.4% in the fourth quarter of 2022.
Exports were almost 2% lower than in the final three months of last year, while surging inflation put the brakes on consumer spending, the CBS said.
The Dutch economy grew almost 5% per year in 2021 and 2022 as it quickly recovered from a COVID-19 slump.
Growth is expected to slow to around 1.5% this year and next, government policy adviser CPB said in March. (Reporting by Bart Meijer Editing by Bernadette Baum)
