topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2097.86 -2.08
DAX 6314.75 -1.88
IBEX 30 6496.3 -2.48
CAC 40 3012.83 -2.31
FTSE 100 5290.5 -2.09
AEX 289.55 -2.16
DJIA 12502.81 -0.01
Nasdaq 2839.08 -0.29
FTSE MIB 13054.65 -2.98
TSX Composite 11451.78 1.52
ASX 4118.8 -1.31
Hang seng 18786.19 -1.33
Straits Times 2780.42 -1.53
ISEQ 20 488.8 -1.92
You are here: Home News British News Dutch economy expected to shrink 3.5 pct: CPB

British News

archive
Enlarge font Decrease font Text size


17/03/2009Dutch economy expected to shrink 3.5 pct: CPB

The Dutch economy is expected to see the sharpest shrinkage since 1931, says the Bureau for Economic Policy Analysis.

THE HAGUE – The Dutch economy, already deep in recession, is expected to contract 3.5-percent this year, the sharpest shrinkage since 1931, a policy advisory body said Tuesday.

"The credit crisis not only means that the Dutch economy is in a deep recession at the moment - it can also have damaging effects for the medium term," said a statement by the Bureau for Economic Policy Analysis, CPB.

It predicted a 0.25 percent shrinkage for 2010.

"It is ... not unlikely that production in the Netherlands will remain at lower levels for a long time to come," it added.

In a final estimate of 2009 economic figures, updating a provisional report issued in February, the CPB confirmed that it expected unemployment to rise to 5.5 percent in 2009, up from four percent in 2008, and to 8.75 percent in 2010.

Before the global economic crisis reached its peak, the government itself had projected a 1.25 percent economic growth figure for 2009.

It had also planned for a 1.2 percent budget surplus for 2008 and 0.8 percent for 2010 - a figure the CPB slashed to a deficit of 2.8 percent for 2009 and 5.6 percent for 2010.

In February, Dutch statistics agency CBS said the economy had entered recession in the fourth quarter of 2008, posting its biggest decline since the beginning of the 1980s.

The main cause of the decline, said the CPB, was a drop in trade - a mainstay of the Dutch economy.

"The export of goods is expected to drop by 10.75 percent (in 2009)," it added.

The three parties making up the Dutch coalition government, have been debating an economic rescue plan for days.

"It is uncertain whether the low point of the global financial crisis has already passed and whether the most drastic events are behind us," said the CPB.

"Foreclosures, domino effects, the infection of other parts of the financial sector and new bail-out operations continue to be a real possibility."

AFP / Expatica


0 reactions to this article

Be the first person to add a comment

General rating: Not rated yet

Rate article:    Add my rating



0 reactions to this article

Be the first person to add a comment
Discussion Forums

Community Noticeboard United Kingdom

BUY NOVELTY DRIVING LICENSE,ID CARD, PASSPORT

Community Noticeboard United Kingdom

$100 MasterCard for Member with most new members

Community Noticeboard United Kingdom

Website for special needs and disabilities

Community Noticeboard United Kingdom

Military tour to Ukraine for football fans of Euro 2012

UK News

what do you think about the news of the world scandal

participate in the forums

Inside Expatica
Visas for coming to the UK

Visas for coming to the UK

Visa paperwork Whether you're relocating to the UK or just visiting, it's important that you find out in advance whether you need a visa.

An online guide for expats finding & purchasing a UK Property

An online guide for expats finding & purchasing a UK Property

Expat mortgages and everything to do with buying a UK property might sound complicated, but there’s plenty of help out there for you.

UK healthcare: Finding the right NHS service

UK healthcare: Finding the right NHS service

You can access the UK's National Health Service (NHS) in a range of ways. Here is an overview of the main services available to help you get the treatment you need.

Banking in the UK

Banking in the UK

Just moved to the UK? You'll need a bank account to effectively manage your money while you're here. Cliff Govender explains the UK banking system, including facilities that may come in handy down the line.