Recovering from COVID-19: Dutch economy continues to grow
New figures published by Statistics Netherlands (CBS) reveal that the Dutch economy continues to grow at a faster rate than initially expected, with a growth rate of 3,8 percent in the second quarter of this year.
Dutch economy grows by 3,8 percent in spring 2021
Thanks to far-reaching restrictions and national lockdowns implemented as a result of the COVID-19 pandemic, many were concerned about the future of the Dutch economy. However, figures released throughout the course of the pandemic have shown time and time again that the economic repercussions of the pandemic weren’t as damaging as expected, and that instead, economic growth post-lockdown has been promising.
On Thursday morning, CBS revealed that, in comparison to the first quarter of 2021, the second quarter saw the economy grow by 3,8 percent - a notable increase on the projected 3,1 percent growth rate - with also allowed for the creation of thousands of new jobs. Compared to 2020, the Dutch economy grew by 10,4 percent in the spring of 2021, instead of the projected 9,7 percent.
The Netherlands suffered less damage than other EU countries
The statistics office highlight a number of reasons for this growth, most notably the lifting of the strictest national measures and reopening of shops, bars and restaurants. These changes encouraged consumers to spend more money and, combined with increased governmental spending, allowed the Netherlands to climb out of the economic recession brought about by the pandemic.
Earlier this month, both Rabobank and ING, two prominent Dutch banks, reported that the coronavirus pandemic had caused less economic damage in the Netherlands than in many other European countries. Unsurprisingly, the Chamber of Commerce (KvK) has confirmed that the region in the Netherlands most affected by the pandemic is the Randstad, more specifically the city of Amsterdam, mostly as a result of the lack of international tourists.