Coronavirus impact on GDP growth rate in the Netherlands 2000-2021

According to quarterly pulse monitors, the growth of the Dutch economy will face a recession in 2020 due to the coronavirus and geopolitical events. This according to one of five sources in the Netherlands who presented their economic outlook for 2020. In 2019, GDP in the Netherlands showed a 1.8 percent growth relative to 2018. On March 9, 2020, the day that Italy announced a complete lockdown of the country and over one week after the first case of the virus was recorded the Netherlands, Rabobank economists calculated that 0.7 percent of GDP growth is to be expected for 2020. The source originally noted, however, that this is not only due to the corona outbreak. The Netherlands also was going to feel the effects of the United Kingdom leaving the EU, being one of the country's biggest trading partners. This development came on top of other events like the U.S-China trade war or the sudden drop in oil prices in early March. By March 19, 2020, however, forecasts changed due to the fast spread of the pandemic. The source explicitly mentions, however, that "there are too many unknowns (...) to make a meaningful estimate of the economic impact at this point in time". In April 2020, when the full effects were witnessed, GDP forecasts went down to minus 5 percent.

GDP (volume) growth rate in the Netherlands from 2000 to 2019, with forecasts for 2020 and 2021

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Sources

Release date

June 2020

Region

Netherlands

Survey time period

2000 to 2021

Supplementary notes

The figures have been taken from several publications. The original report was released on March 12, 2020, but as the COVID-19 pandemic spread, forecasts had already changed by March 19, 2020. Other updates followed on April 14, 2020 and June 8, 2020.

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