Exports move up as consumer durables rally economic growth
10 Aug '06
3 min read
Dutch economic growth was 2.4 percent in the second quarter of 2006. The increase in the gross domestic product (GDP) was realised with one working day fewer than the same quarter last year.
Employment also continued to rise: there were 80 thousand more jobs than last year, according to figures from Statistics Netherlands.
The increase in exports was slightly down in the second quarter. In spite of this, exports are still the main driving force behind economic growth.
In addition household consumption picked up substantially, especially of durable consumer goods. This too was an important impulse for economic growth. Fixed capital formation was also up.
High quarter-on-quarter growth After correction for working day and seasonal effects, the volume of GDP growth was 1.0 percent higher in the second quarter of 2006 than in the first quarter. This the highest quarter-on-quarter growth for more than two years.
Exports growth slightly down The volume of exports of goods and services was 6.6 percent higher in the second quarter than one year previously. This meant exports rose by slightly less than in the first quarter of 2006, but still by more than in the year 2005.
A large part of the increase is accounted for by re-exports: goods produced abroad, for example in China, Taiwan or the US, which are distributed via the Netherlands after undergoing very little further processing.
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