Dutch economy shrinks for first time since 2009

Dutch economy shrinks for first time since 2009

The Dutch economy shrank in the third quarter, its first quarterly fall since the second quarter of 2009.

In the third quarter the economy shrank by 0.3 percent compared to the previous quarter, according to data from Statistics Netherlands.

Economists were looking for a 0.2 percent growth, the same rate of growth as seen in the second quarter of 2011.

It is the first time since the second quarter of 2009 that the economy has shrunk quarter on quarter. Annually there is still a growth of 1.1 percent. It is a first preliminary estimate.

During the past quarter Dutch households spent about 1 percent less than in the three months before. “Especially the purchase of new cars shows a sharp decline,” according to Statistics Netherlands.

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