According to Statistics Netherlands, in March 2012 consumer confidence was +8,1. In a space of a year, that had fallen to -23,6 the highest rate of decline in Europe (-31,7).
Dutch consumer confidence is now lower than the average level in the EU. In the past 25 years, this has only happened once before in 2003. In 2011, the Netherlands still had one of the highest rates of confidence in Europe; now it is in 13th position and falling rapidly.
The Dutch are very pessimistic about future employment levels, and the economic situation over the next year. According to the Netherlands Bureau for Economic Policy Analysis (CPB), the economic recession is expected to last throughout 2012, with GDP shrinking by 0,75 percent.
City joblessness has also increased in the Netherlands, with Amsterdam, The Hague and Rotterdam all experiencing higher unemployment rates in 2011. Any future recovery is not likely to bring rapid gains in employment levels in the short-term.
Other countries
The latest figures by Statistics Netherlands also show that Greece is suffering from the lowest consumer confidence at over -75, with Hungary and Portugal some way in front. The most confident consumers are in Scandinavia, with Denmark, Sweden and Finland emerging as 1st, 2nd and 3rd placed winners respectively.