Wednesday 25 May 2022
Home EU Less damage to the Dutch economy due to corona than in the EU

Less damage to the Dutch economy due to corona than in the EU

The indirect consequences of the first wave of the corona pandemic in the Netherlands had already been worked out in a number of areas this summer. For example, the number of crimes had returned to the old level, as had the total number of marriages and partnerships.

However, issues such as consumption or the number of passengers carried are still a long way from the old level. The economy has been hit extremely hard in the first half of 2020. Never before has the Dutch economy contracted so sharply as in the second quarter. Yet this contraction was not too bad compared to many other European countries, according to Statistics Netherlands.

Compared to other European countries, however, the Dutch economy came off favorably. The German economy shrank by 9.7 percent in the second quarter, the Belgian by 12.1 and the French by 13.8 percent. Within the European Union, the Spanish economy was hit hardest with a contraction of 17.8 percent in the second quarter. Finland was least affected. But the Finnish economy also shrank, by 4.4 percent.

An important factor in the contraction of the economy is the sharp decline in household consumption. In the Netherlands, consumption volume shrank by 10.8 percent in the second quarter compared to the previous quarter. In Germany the contraction was slightly less at 9.5 percent, in Belgium and France at 11.5 and 12.0 percent, slightly larger. The contraction was almost the greatest in Spain, at 23.7 percent, after Malta. Finland, together with Lithuania, had the lowest contraction, 6.4 percent.

Despite the fact that unemployment also rose in the Netherlands, it is still low by European standards. In August, unemployment in the Netherlands was 4.6 percent of the labor force (it fell slightly in September). But a handful of EU member states, including Germany, had lower unemployment rates in August.

The lowest was unemployment in the Czech Republic, at 2.7 percent. Unemployment was by far the highest in Spain at 16.2 percent. Unemployment was already relatively high in Spain and increased rapidly after the outbreak of the pandemic. Unemployment in Greece is likely to be slightly higher, but August figures are not yet available for this country.

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