Dutch official growth slows 0.3% in third quarter

15th November 2011, Comments 0 comments

Dutch economic growth slowed by 0.3 percent in the third quarter over the second for the first time since 2009, first official estimates said on Tuesday.

"It's the first time the economy has contracted from one quarter to the next since the second quarter of 2009," Statistics Netherlands (CBS) said in a statement.

Year in year, gross domestic product (GDP) was up 1.1 percent on the third quarter of 2010.

Household consumption dipped 1.0 percent in the third quarter over a year ago, CBS said, singling out depressed auto sales.

Clothes and shoes also showed a drop, as well as spending in the hotel and restaurant sector, blamed on poor weather in July and August.

State spending on defence and administration slipped because of budget cuts.

Exports of goods and services were up 4.0 percent over the third quarter of 2010, and 2.9 percent over the second quarter this year.

Year-on-year investments were up by 4.6 percent, notably in the automotive industry. Investment in housing and business property was up 2.6 percent.

CBS also reported a trade surplus of 3.6 billion euros ($4.9 billion) in September, down 1.1 billion euros on September 2010.

© 2011 AFP

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