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

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.