16:45 - 16.08.2023

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After the first quarter of this year, the Dutch economy contracted in the second quarter and entered a recession.

The Statistical Institute of the Netherlands has published data on the growth rate in the second quarter of 2023, ABC.AZ reports.

According to the data, the Dutch economy shrank by 0.4% in the first quarter compared to the previous quarter and by 0.3% in the second quarter.

The country's GDP also decreased by 0.3% in the second quarter of 2023 compared to the same period last year.
Due to lower consumer spending and exports, the Netherlands entered a recession for the first time since the onset of the COVID-19 pandemic.
Rising food and energy prices in the country have led to a rapid increase in inflation and a slowdown in economic activity.