Dutch economy grinds to a halt
The Dutch economy will grind to a standstill in the last two quarters of 2011 according to the latest forecast by the Dutch Central Bank DNB.
The central bank says growth was 0.5% during the first two quarters of the year but the slump in European stock markets, declining consumer and producer confidence and rising unemployment will cause a slight contraction in the Dutch economy between October and December.
Persistent concerns about the Eurozone debt crisis have depressed stock markets since the start of the summer and the global economy slowed down as well. Weakening demand drove up unemployment during the summer months and Dutch consumer and producer confidence slumped. The DNB is predicting that the Dutch economy will shrink by 0.1% during the final quarter of this year.
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