The Netherlands Statistical Institute (CBS) has released the leading data on the growth rates for the second quarter of 2023.
According to the data, the Dutch economy, which contracted by 0.4 percent in the first quarter compared to the previous quarter, shrank by 0.3 percent in the second quarter.
Thus, the Netherlands, which is among the most important economies of Europe, entered a recession, that is, a recession.
Seasonally adjusted GDP in the Netherlands also decreased by 0.3 percent in the second quarter of 2023 compared to the same period last year.
Due to the decline in consumer spending and exports, the Netherlands has entered recession for the first time since the beginning of the COVID-19 outbreak.
The increase in food and energy prices in the country increased inflation rapidly and slowed down economic activities.