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Netherlands: Recession barely avoided

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  • Oscar-Erich Kuntze

Abstract

In the Netherlands the economic expansion slowed down in 2001 and stagnated after mid-year. Real GDP only increased by around 1.1%. Also the rise in employment clearly slowed down, but there was no easing in the difficulty of finding qualified workers. The annual unemployment rate fell to 2.4 %, giving the Netherlands, along with Luxembourg, the lowest rates in the EU. On the other hand, the inflation rate is by far the highest among the EU member states. Consumer prices were around 5.1% above the level of 2000. In 2002 real GDP will increase by only around ¾%. The slow economic recovery, however, will help disperse the diverse tensions which have built up in recent years: This applies particularly to the labour market and prices. On the labour market the situation will sill remain favourable, with the annual unemployment rate averaging 3%, still one of the lowest rates in western Europe. In 2003 GDP will increase by about 1¾%. The unemployment rate will average 3¾% for the year, and the inflation rate will stand at 2¾%.

Suggested Citation

  • Oscar-Erich Kuntze, 2002. "Netherlands: Recession barely avoided," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(17), pages 26-33, September.
    • Handle: RePEc:ces:ifosdt:v:55:y:2002:i:17:p:26-33
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    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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