According to Statistics Netherlands’ Business Cycle Tracer, the economic situation in the Netherlands improved significantly over the past month. In the period between summer 2013 and spring 2014, the economy grew continually, but since then the recovery process evolved more gradually. In May, the recovery process is accelerating.
The mood among Dutch manufacturers has improved further in May and reached the highest level in more than four years. Dutch manufacturers are far more positive about their order books. They were also somewhat more optimistic about their future output.
Dutch consumer spending on goods and services was up by nearly 2 percent in March 2015 compared to the same month last year. Just as in the previous 2 months, temperatures were low in March 2015 compared to March 2014 and consumers again used more natural gas. Households also spent more on durable goods, in particular, household appliances and home furnishing articles.
Dutch consumers spent more on services like house rent, public transport, restaurants, hairdressers and insurance premiums. Spending on services accounts for more than half of total domestic consumer spending.
Exports of goods grew very moderately in March. The volume of exports of goods was more than 1 percent up from twelve months previously. The increase is considerably smaller than in the two previous months. Exports of petroleum derivatives, rubber and plastic products were noticeably higher in March.
Contributions to Dutch economic growth are widening
It was for the fourth quarter in a row that the Dutch economy grew during the first trimester of 2015. The growth rate was 0.4 percent from the previous quarter, according to the first calculations of the currently available data.
Contributions to Dutch economic growth are widening: investments, consumption and the balance of exports and imports all contribute positively. The Dutch economy is still 1 percent below the level recorded during the period of economic boom in the first six months of 2008. The Dutch economy was up 2.4 percent from the first quarter of 2014.