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Dutch National Bank projects highest Dutch growth since 2008

Xinhua, June 9, 2015 Adjust font size:

Six years of meager Dutch economy figures are over, with a projected economic growth of 2 percent in 2015, the Dutch national bank, De Nederlandsche Bank (DNB,) indicated in the new half-yearly forecast on Monday.

"The Dutch economy has shifted into higher gear," the DNB stated in a press release. "On the back of a pick-up in domestic demand, the Dutch economy is to gain steam in 2015. The Dutch economy should, on average, maintain this growth pace in 2016 and 2017," the statement read.

The forecast is more favorable than previously foreseen.

According to the DNB figures, Dutch growth was minus 0.7 in 2013) and 0.9 percent in 2014.

One of the major factors behind the growth is a strong increase in real disposable income and improved sentiment, leading to a significant increase (2.0 percent) of private consumption this year.

Although domestic spending will contribute to economic growth, exports will according to DNB remain, the main driver of the growth of the Dutch economy. "The international environment will improve further, as evidenced by a pick-up in world trade growth and the low level of oil prices," DNB stated. "The depreciation of the euro also contributes to this."

Unemployment is expected to fall from 7.4 percent of the working force in 2014 to 7.0 percent this year. Government deficit would drop from 1.6 percent of GDP this year to 0.6 of GDP in 2017, while inflation will be driven up from 0.2 percent this year to 1.2 percent in 2016, according to the forecast. Endit