The Dutch economy shrank by 0.4 percent in the second quarter of 2012 compared with the same period last year. This second estimate is 0.1 of a percent point higher than the first estimate published on 14 August according to Statistics Netherlands.
On the expenditure side, exports of goods and services has been adjusted upwards. As a result the trade surplus is larger than previously estimated. Consumption by the government has been adjusted downwards. On the production side, value added in the sectors construction, trade and repairs, and transport has been adjusted slightly upwards. On the other hand, value added in the sectors financial institutions and information and communication has been adjusted downwards.
Quarter-on-quarter growth still 0.2 percent
After correction for working day and seasonal effects, the Dutch economy grew by 0.2 percent in the second quarter compared with the first quarter. This quarter-on-quarter growth remains unchanged from the first estimate.
Fewer jobs and modest wage rises in second quarter of 2012
The number of employee jobs was 53 thousand lower in the second quarter of 2012 than in the same quarter last year. This is a decrease of 0.7 percent. This second estimate of the number of jobs is almost the same as the first estimate. After correction for seasonal effects, the number of jobs is 14 thousand lower than in the first quarter of 2012. Wage rates per labour-year were 0.7 percent higher than twelve months previously.