Amsterdam, Jun. 23, (dpa-AFX/GNA) – The Netherlands’ economy contracted less than initially estimated in the first quarter, primarily due to a greater withdrawal from stocks, the latest data from the Central Bureau of Statistics showed on Friday.
Gross domestic product (GDP) fell 0.3% sequentially in the March quarter, reversing a revised 0.9% rise in the final quarter of 2022.
In the flash estimate, the rate of decline for the first quarter was 0.7%.
The upward revision of GDP growth is mainly due to the trade balance and investment, the agency said.
Exports of goods fell less sharply and exports of services rose more sharply.
Total exports of goods and services logged a quarterly growth of 0.4%.
Household consumption remained the same compared to the previous quarter, while government consumption advanced 0.3%.
In the March quarter, the contraction in the economy was fueled more by the greater withdrawal of gas from stocks.
On a yearly basis, economic growth moderated to 1.9% in the first quarter from a revised 2.9% in the previous quarter. That was in line with the previous report published on May 16.
GNA