Dutch economy grows for 10th consecutive quarter

The Dutch economy grew by 0.7 percent in the third quarter of 2016, the Dutch Central Bureau of Statistics announced on Tuesday.

The growth percentage was the same as in the first two quarters of this year. The quarterly growth of the Dutch economy was the tenth in a row. Compared to Q3 of 2015, the economy grew by 2.4 percent.

"Our economy continues to perform exceptionally well and is broadly driven," Henk Kamp, Minister of Economic Affairs, reacted in a statement, "We grow more than twice as fast as the European average and show a solid and firm growth for two and half years now in a still uncertain international situation."

The Dutch growth is mainly driven by growing exports, more business investments and growing household consumption. Consumers spent more on hospitality and leisure activities and on care than the same period one year ago. They also bought more electric appliances and the investments in houses and transport vehicles grew.

Dutch companies mainly invested more in trucks, trailers and aircrafts. In addition, the exports of chemicals, mainly pharmaceuticals, grew significantly this quarter compared to the same period one year ago.

In addition, the number of unemployed dropped by 37,000, compared to the previous quarter, to 510,000 (5.7 percent of the workforce) by the end of September. Furthermore, the number of jobs rose for the tenth consecutive quarter.

"The strong fall in unemployment is really important," Kamp said, "This means that more and more people get to work, get work experience, develop their talents and actively contribute to our prosperity."

The official figures are in line with the forecasts of the CPB Netherlands Bureau for Economic Analysis, published in September this year. The CPB also noted a continuing recovery of the Dutch economy, with a projected growth of 1.7 percent, for both 2016 and 2017. Endit