The economic climate in the Netherlands was more negative in May than it was in April, according to the Statistics Netherlands (CBS) Business Cycle Tracer, in which six out of the 13 indicators performed above their long-term trend.

The tracer is a tool to monitor the state and the cycle of the country’s economy.

Consumers were almost as pessimistic in May as they were in the previous month. However, consumer confidence was low and well below the long-term average over the past two decades.

Producer confidence deteriorated again in May, but was above its long-term average, CBS said in a note.

Households spent 0.8 per cent more in March 2023 year on year (YoY), adjusted for price changes and shopping-day pattern. They spent more on services, but less on goods.

In March 2023, the total volume (working-day adjusted) of goods exports was up by 2.4 per cent YoY. The increase was primarily witnessed in exports of petroleum products, machinery and appliances, and transport equipment.

In March 2023, the average daily output of the Dutch manufacturing industry was 4 per cent lower than in March last year. Output also contracted YoY in the first two months this year.

The number of corporate bankruptcies, adjusted for court session days, has increased. There were 26 more bankruptcies in April than in the previous month—an increase of 12 per cent. The number of bankruptcies remained below the pre-pandemic level.

According to the first quarterly estimate, in first quarter (Q1) 2023 gross domestic product (GDP) decreased by 0.7 per cent relative to the previous quarter. In Q4 2022, GDP rose by 0.4 per cent.

The contraction in the first quarter of 2023 is mainly due to a decline in the trade balance and to increased gas withdrawals from storage facilities.

Fibre2Fashion News Desk (DS)

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