272 _
Netherlands: Demand, output and prices (double-hit scenario) 2016
Netherlands: double-hit scenario GDP at market prices Private consumption Government consumption Gross fixed capital formation Final domestic demand Stockbuilding1 Total domestic demand Exports of goods and services Imports of goods and services Net exports1 Memorandum items GDP deflator Harmonised index of consumer prices Harmonised index of core inflation2 Unemployment rate (% of labour force) General government financial balance (% of GDP) General government gross debt (% of GDP) General government debt, Maastricht definition (% of GDP) Current account balance (% of GDP)
2017
2018
2019
2020
2021
Percentage changes, volume (2015 prices)
Current prices EUR billion
708.3 316.1 174.9 141.8 632.8 3.4 636.2 562.8 490.7 72.1 _ _ _ _ _ _ _ _
3.0 2.2 0.9 4.3 2.3 0.1 2.4 6.7 6.4 0.9
2.5 2.3 1.6 3.2 2.3 -0.2 2.1 3.7 3.2 0.7
1.8 1.4 1.6 5.2 2.4 0.0 2.3 2.3 3.0 -0.3
-10.0 -16.8 7.3 -19.1 -10.7 -0.3 -11.1 -14.3 -16.4 -0.1
3.4 6.0 -0.5 5.3 3.7 0.0 3.7 5.4 6.2 0.1
1.2 1.3 0.8 4.9 1.3 70.7 56.9 10.8
2.2 1.6 1.0 3.8 1.4 65.7 52.4 10.9
3.0 2.7 1.9 3.4 1.7 62.1 48.6 10.2
1.7 0.2 1.1 6.5 -12.6 77.6 64.1 13.9
0.7 0.2 0.6 6.6 -9.8 85.6 72.1 13.7
1. Contributions to changes in real GDP, actual amount in the first column. 2. Harmonised index of consumer prices excluding food, energy, alcohol and tobacco. Source: OECD Economic Outlook 107 database.
StatLink 2 https://doi.org/10.1787/888934138397
Schools, universities, bars, restaurants, sports clubs, coffee shops and other establishments where it was not possible to keep a 1.5-meter distance between people were closed in mid-March. Public events were banned and EU-wide travel restrictions implemented. On 23 March, the Dutch government announced an economy-wide shutdown, with distancing rules and instructions to stay at home as much as possible. A gradual reopening started from 11 May.
The lockdown triggered a sharp economic contraction The Netherlands has been relatively hard hit by the virus, as its industry structure, with a strong reliance on trade and professional services, makes the economy vulnerable to distancing measures. Furthermore, openness to international trade and leveraged households create particular vulnerabilities. Sectors accounting for 36% of the economy were directly affected by the lockdown, although many activities, for example construction and retail trade, could continue subject to distancing measures. Consumer confidence fell sharply in April and May, unemployment insurance claims soared, and economic sentiment plummeted to record lows in both manufacturing and services.
OECD ECONOMIC OUTLOOK VOLUME 2020 ISSUE 1: PRELIMINARY VERSION Š OECD 2020