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Dutch Economy Shrank 0.1 in Q4 Due to Coronavirus Lockdown

AMSTERDAM, Feb 16 Reuters The Dutch economy shrank 0.1 on a quarterly basis in the fourth quarter of last year, the Dutch national statistics agency CBS said on Tuesday, as a broad lockdown to fight the coronavirus crippled demand.

All bars and restaurants in the Netherlands were closed from midOctober in a bid to limit the spread of COVID19, which was followed by a shutdown of nonessential stores two months later.

This lockdown had a stronger effect on the economy than expected, as economists on average had forecast growth of 0.2 for the OctoberDecember period.

The Dutch economy, the euro zones fifth largest, shrank 3.8 over the whole of 2020, which is the sharpest contraction on record, the CBS said.

But the fullyear hit was less severe than expected, as the governments main economic adviser in November had pencilled in a contraction of 4.2 for 2020.

It predicted growth of 2.8 for 2021 at the time.

Reporting by Bart Meijer Editing by Gareth Jones

Source Reuters

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