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09 Feb 2024
Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2024 Article IV Mission
While growth has slowed recently, the Dutch economy continues to show remarkable resilience. After 2 years of strong recovery, growth decelerated to about 0.1 percent in 2023, reflecting the energy shock, tighter financial conditions, and weaker external demand. Eroding consumer purchasing power dragged private consumption down in 2023 H1. Growth is estimated to have picked up in Q4 2023, with higher real wages and increasing house prices. . Industrial production and exports remained sluggish, however, reflecting weak external demand; higher borrowing costs have weighed on investment. At 1.0 and 3.3 percent in December 2023, headline and core inflation declined significantly from their respective peaks in September 2022 and May 2023.
