Consumer spending rose 5.7 percent in the second quarter compared to the first quarter. The government spent 2.6 percent more. Imports and exports of goods and services also increased, according to the latest CBS figures.
From shrinkage to growth
The growth comes after two quarters in which consumers and the government actually spend less, making the Netherlands for the second time during the corona pandemic. in a recession ended up. In the first half of 2020, the Dutch economy also shrank.
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As a result, the Dutch economy has grown explosively compared to the second quarter of 2020. GDP, the gross domestic product, was no less than 9.7 percent higher in the second quarter of this year.
This largest year-on-year growth ever comes with a caveat, according to Statistics Netherlands. The growth is also mainly the result of a severe lockdown in the second quarter of last year, when GDP contracted sharply.
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This contraction has not yet been fully compensated. Compared to two years ago, the second quarter of 2019, the Dutch economy is still 0.4 percent smaller.
What did we spend money on?
In April, May and June, consumers mainly spent more money on the catering industry, on clothing and on cars. This is related to the relaxation of the corona rules at the beginning of June. As a result, the Dutch were again able to eat out more, to the cinema and the zoo.
This consumption by households is still almost 5 percent lower than in the second quarter of 2019, before the corona crisis.
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The government spent 7.4 percent more. In the areas of health, education and social security in particular, spending rose sharply due to additional spending on testing and vaccinations.
Both the Central Planning Bureau and DNB already expected the economy to recover this year, although that still depends on the course of the vaccination campaign.
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