Netherlands' GDP Growth Revised Down to -0.4% QoQ in Q1

The Dutch economy contracted 0.4 percent in the first quarter of 2013 compared to the previous three months, down from a previously reported contraction of 0.1 percent. Private consumption and business investment, both revised down, remained the biggest downward pressures. Compared to the same period in the previous year, the GDP contracted 1.8 percent, down from -1.7 percent in the first estimate.
CBS | Nuno Fontes | 6/25/2013 9:44:11 AM
In Q1 of 2013, household spending fell 2.4 percent year-on-year, revised down by 0.3 percentage points, and is now on a downward trend for two years. Government consumption contracted 0.6 percent, revised up from a 0.9 percent contraction. Spending on public administration has fallen over the past three years, but public spending on care did rise in the first quarter. The decline in government spending was steeper than in the preceding quarter and occurred across nearly all categories.

Exports grew by 1.4 percent, revised down from a 2.3 percent estimate. Exports of goods manufactured in the Netherlands declined when compared to the previous quarter. The reason for the decline in the first quarter is the reduced foreign demand for manufactured products, in particular metal products and transport vehicles. Imports, previously reported growing 0.2 percent, fell 0.8 percent. Business investment plummeted 13.5 percent.

In Q1, there were less 51 thousand jobs than in the previous quarter. According to the first estimate, the decline was 34 thousand. Compared with a year earlier, the decline was 121 thousand jobs down from 99 thousand in the first estimate. Job losses were greater than estimated especially in business services and trade and transportation.