Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Dutch Consumer Confidence Deteriorates as Recession Lingers

Don't Miss Out —
Follow us on:

July 18 (Bloomberg) -- Dutch consumer confidence deteriorated to the lowest level since March as the Netherlands struggles to emerge from a recession.

A gauge of consumer confidence in the euro-area’s fifth largest economy dropped to minus 38 from minus 36 in June, national statistics bureau CBS in The Hague said today. The index has been negative since September 2007.

“Dutch consumers were more pessimistic about their own financial situation in the next twelve months than in June,” the statistics agency said. “Their willingness to buy remained low.”

The Netherlands is in its third recession in four years. Gross domestic product fell 1.8 percent in the first quarter on an annual basis. The government’s planning agency said on June 14 GDP will decline 1 percent this year. For 2014 it foresees growth of 1 percent.

Unemployment climbed to 8.5 percent in June versus 8.3 percent a month earlier. According to calculations of the International Labor Organization, unemployment was at 6.8 percent versus 6.6 percent in June.

Prime Minister Mark Rutte’s coalition government is trying to narrow its budget gap with a four-year, 16 billion-euro ($21 billion) austerity package. The coalition also has to agree on additional austerity measures of 6 billion euros to meet the European Union’s deficit limit of 3 percent of GDP in 2014.

To contact the reporter on this story: Corina Ruhe in Amsterdam at cruhe@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.