Dutch economy enters recession

By Gokhan Ergocun

ISTANBUL (AA) - The Netherlands’ economy has entered a recession as it shrank 0.3% on a quarterly basis in the second quarter, according to official figures on Wednesday.

The country’s economy shrank for the second consecutive quarter, after a 0.4% contraction in the first three months of 2023.

The GDP contraction is mainly due to a decline in the trade balance and household consumption in the country, according to the Central Bureau of Statistics (CBS).

Among major EU economies, Germany also entered a recession earlier this year.