Reports
6 June 2023

The Dutch Economy Chart Book: Large revision, but same view

Our Dutch Economy Chart Book provides an overview of the many important business cycle developments of the Dutch economy in more than forty visuals. Download this new edition below

Despite the considerable contractionary GDP-figure for the first quarter of 2023, the view of ING Research on the economic developments in the Netherlands in the coming quarters has not changed much. Nevertheless, we have revised our annual GDP growth forecast for 2023 considerably, from a decent 1.8% to a low 0.4%, as the temporary inventory reduction in the first quarter weighs strongly on the annual figure. We still expect growth, although at a sluggish rate. While especially lower investment can dampen the growth rate, the government, with additional expenditures, is expected to act as the main growth driver.

Subdued GDP growth during 2023 largely driven by government spending

Expenditures* in the Netherlands as index where 4th quarter of 2019 = 100

 - Source: Macrobond, ING Research forecasts as of 2Q23. *seasonally adjusted and in constant prices
Source: Macrobond, ING Research forecasts as of 2Q23. *seasonally adjusted and in constant prices
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