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Dutch Central Bank Says Recovery Continues, Raises Forecast

Dec. 3 (Bloomberg) -- The Netherlands’ economic recovery will continue as growth stabilizes in the next two years, the Dutch central bank said as it raised its forecasts.

The Dutch economy, the fifth-largest in the euro zone, may expand 1.6 percent next year compared with a June estimate of 1.3 percent, the Amsterdam-based central bank said on its website today. It estimates 1.7 percent economic growth in 2012.

The bank forecast the economy to expand 1.7 percent this year compared with a previous estimate of 1.2 percent, after the economy shrank 3.9 percent in 2009. Private consumption growth will rise to 0.9 percent next year and 1.3 percent in 2012 from 0.2 percent this year.

“While export growth returns to more usual levels, private consumption increases,” the central bank, led by Nout Wellink, said. “Growth forecasts are accompanied by great uncertainty, taking into account that downward risks are dominant.”

The Bundesbank today raised its forecast for this year’s economic growth in Germany, the largest Dutch trading partner, to 3.6 percent, the fastest expansion since data for a reunified country began in 1992. Gross domestic product will expand 2 percent in 2011 and 1.5 percent in 2012, the Frankfurt-based central bank said.

To contact the reporter on this story: Jurjen van de Pol in Amsterdam at jvandepol@bloomberg.net.

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net.

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