AMSTERDAM – The Netherlands is now officially in recession, the CBS (Central Bureau for Statistics) announced on Wednesday.
The economy shrank with 0.7 percent in the fourth quarter compared to the previous year. Since the decline already amounted to 0.4 percent in the third quarter, the Netherlands is now officially in recession. A recession is in effect when the gross domestic product decreases two quarters running. According to the CBS, the decline is largely attributed to a further decline in household consumption. The economic growth for the whole of 2011 will amount to 1.2 percent.
Source NUzakelijk