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Exports growth slackening off in Q2
18
Aug '08
According to a first estimate released by Statistics Netherlands, economic growth was 2.8 percent in the second quarter of 2008 relative to the same period last year. The second quarter of 2008 had one extra working day compared to the second quarter of 2007.

Economic growth is below the average level of 2007. There was a downturn in the growth of exports and government consumption. Employment increased by 160 thousand (2.1 percent) relative to a year ago. The increase is more or less the same as in the preceding quarters.

Quarter-on-quarter growth 0.0 percent:
Compared to the previous quarter, the Dutch ecnomy recorded a zero economic growth in the second quarter of 2008. If the effects of seasonal variation and the amount of extra working days are taken into account, the volume of the gross domestic product (GDP) was the same as in the first quarter. For the first time in three years, there is no quarter-on-quarter growth.

Exports growth slackening off:
In the second quarter of 2008, the exports volume of goods and services was 4.2 percent up on last year's second quarter, whereas growth over the whole year 2007 was 6.5 percent. Exports of Dutch products grew by 4 percent. Growth of re-exported goods dwindled to just over 5 percent. With a rate of 4.8 percent, imports grew more rapidly than exports.

Over 160 thousand extra jobs:
Despite the slowdown in economic growth, the number of jobs increased by 164 thousand relative to a year ago. For the first time, there are more than 8 million jobs of employees, but the 2.1 percent growth is marginally down on the preceding quarters. The same applies to the quarter-on-quarter growth of 0.4 percent.

Statistics Netherland


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