The Dutch economy has slid into recession as inflation and interest rates hit exports and spending
The official Dutch statistics office says the Netherlands has fallen into a recession after exports and household spending fell back amid rising interest rates intended to rein in inflation
THE HAGUE, Netherlands (AP) — The Netherlands has fallen into a recession after exports and household spending fell back amid rising interest rates intended to rein in inflation, the country's statistics office reported Wednesday.
The economy declined by 0.3% in the second quarter after shrinking 0.4% in the first three months of the year, Statistics Netherlands reported.
The Netherlands, a small nation that has long punched above its weight in global trade, is now treading water after its robust rebound following the global COVID-19 pandemic, said the statistics office’s chief economist, Peter Hein van Mulligen.
"After the coronavirus dip, the Dutch economy recovered much quicker and stronger than the rest of Europe. In the last year that has turned around," he said.
