Dutch economy enters recession

The Dutch economy has entered a recession as it shrank 0.3 percent on a quarterly basis in the second quarter, a first estimate published by Statistics Netherlands on Wednesday showed.

The euro zone's fifth largest economy shrank for the second consecutive quarter, after a 0.4 percent contraction in the first three months of the year.

Economic growth in the Netherlands had been almost 5 percent per year in 2021 and 2022 in a quick recovery from a Covid-19 slump.

The first recession since the pandemic was driven by a drop in consumer spending and exports, as surging inflation drove up food prices and energy bills in the Netherlands and its trading partners.