The Dutch economy grew by 0.5 percent in the second quarter, reports the Central Bureau of Statistics (CBS). This keeps economic growth at the same level as expectations in the first quarter.
Economic growth is accelerating on an annual basis. In the first quarter, the economy had grown by 1.7 percent compared to a year earlier. Now this figure is at 2 percent.
The second quarter of this year had a working day more compared to the second quarter of 2018. Adjusted for this, the economy grew by 1.8 percent.
The increase in the so-called gross domestic product (GDP) is mainly due to investments in fixed assets, household consumption and the trade balance.
Consumers spend more
For example, 5.3 percent more was invested in fixed assets such as homes, buildings, planes and machines. This was due to the high utilization rate of machines in the industry. Also at the start of the third quarter in July, the occupancy rate was higher than the average in 2018.
Consumers contributed to economic growth as they spent 1.7 percent more than a year ago. Consumer spending rose by 0.7 percent in the first quarter. For example, they spent more on electrical appliances, clothing, home furnishings and services.
Lower growth rates are reported in the rest of Europe. The economy is even shrinking in Germany. The largest economy in the eurozone was particularly affected by a decline in foreign trade.
It was announced earlier on Wednesday morning that the tension on the labor market had increased further. The number of vacancies rose again, while the number of unemployed fell. There were 93 vacancies per 100 unemployed at the end of June. In the first quarter this ratio was still at 88 vacancies.