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Exports grow more slowly

19
May '08
Statistics Netherlands' first estimate puts economic growth at 3.1 percent in the first quarter of 2008 on the same quarter last year. This growth was realised with one working day fewer than in the first quarter of 2007.

The growth is slightly lower than the overall average for 2007. Both consumption and exports rose by less. The number of jobs was nearly 160 thousand up on twelve months previously. This 2.1 percent increase is a fraction smaller than in preceding quarters.

Quarter-on-quarter growth only 0.2 percent:
After adjustment for seasonal and working day effects, economic growth compared with the pervious quarter was 0.2 percent in the first quarter of 2008. This is the lowest quarter-on-quarter growth rate for three years.

Exports grow more slowly:
In the first quarter of 2008, the volume of exports of goods and services was 5.8 percent higher than in the first quarter of 2007. This growth rate is slightly lower than the 6.4 percent for all of 2007. Exports of Dutch products grew by slightly more than 6 percent. The growth in re-exports slowed down slightly to 8 percent. Imports rose by more than exports, at 6.4 percent.

Growth in spending on durables coming to a halt:
Households spent 2.2 percent more in the first quarter of 2008. Households spent hardly more on durable goods, however. They even spent less on clothes and shoes.

The increase in spending on durable goods, the category most sensitive to economic fluctuations, was by far the smallest for nearly three years. The volume of government consumption was 1.2 percent larger. Real expenditure on care rose in particular.

Nearly 160 thousand new jobs:
In the wake of the continuous economic growth there were 157 thousand more jobs for employees in the first quarter than twelve months previously. This 2.1 percent growth is slightly lower than the quarterly growth rates in 2007.

Statistics Netherlands


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