Dutch economy stalls for first time in three years

The Dutch economy recorded a zero growth in the second quarter this year compared to the previous quarter, the first time that the economy has failed to show a quarterly growth in three years, the Dutch central statistics bureau (CBS) said on Thursday.
According to a first estimate released by the CBS, the seasonally-adjusted gross domestic product was the same as in the first quarter. A country is considered to be in recession if the economy shrinks for two successive quarters.
Compared to the same period last year, the Dutch economy grew 2.8 percent in the second quarter. This was below the average level of 2007.
There was a downturn in the growth of exports and government consumption, the CBS said. The exports volume of goods and services in the second quarter was 4.2 percent up on a year ago, lower than the annual growth rate of 6.5 percent over the whole year of 2007.
Except for natural gas, the output growth rate dropped across all sectors in the second quarter compared to the average level of last year.
Employment increased 2.1 percent in the second quarter relative to a year ago, about the same as in the previous quarters, the CBS said.
"The economy is clearly cooling down," CBS economist Michiel Vergeer said. "Things are still going well in the Netherlands, but the tempo has gone."
Earlier this week, the Dutch government's economic policy think-tank, the Netherlands Bureau for Economic Policy Analysis, has revised its 2009 growth estimate down to 1 percent from 1.25 percent.
Source:Xinhua