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Brussels expects lower economic growth in the Netherlands

by AI | 16.May 2024 | Europe in brief AI

The European Commission revises the growth forecast for the Netherlands downwards. The Dutch economy is performing worse than that of the entire EU, which is actually picking up.

Euro Commissioner Paolo Gentiloni. Photo EFE/EPA/OLIVIER HOSLET

BRUSSELS – The Dutch economy is expected to grow less strongly this year and next year than expected, the European Commission expects. It now counts on 0.8 percent growth in 2024 and 1.5 percent the following year. With this, the Netherlands performs just slightly below the European average, which will be 1 percent in 2024 and 1.6 in 2025.

Dutch growth almost came to a halt in 2023. According to the Central Bureau of Statistics (CBS), the economy even shrank slightly in the first quarter of this year. Expenditure by consumers and exports are disappointing due to inflation, notes the European Commission.

Consumer spending is expected to pick up in 2024, expects the daily management of the EU. People will have more to spend as wages increase. Growing government spending also stimulates the economy. However, investments by the business sector might still lag behind.

The European economy is making a comeback after a year of standstill, sees responsible European Commissioner Paolo Gentiloni. Moreover, inflation is falling faster than expected.

(May 15, 2024)