Dutch economy enters recession
- Economy
- Anadolu Agency
- Published Date: 03:24 | 16 August 2023
- Modified Date: 03:27 | 16 August 2023
The Netherlands' economy has entered a recession as it shrank 0.3% on a quarterly basis in the second quarter, according to official figures on Wednesday.
The country's economy shrank for the second consecutive quarter, after a 0.4% contraction in the first three months of 2023.
The GDP contraction is mainly due to a decline in the trade balance and household consumption in the country, according to the Central Bureau of Statistics (CBS).
Among major EU economies, Germany also entered a recession earlier this year.
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