Dutch economic growth lowest in eurozone this year

The Dutch economy will grow by 1.8 percent this year and 3 percent next year, the European Commission expects. That is the lowest growth expected for any of the 19 eurozone countries. That is offset by the fact that the pandemic's economic blow last year seemed to be lower than expected in the Netherlands, the Commission said in its winter forecast, ANP reports.

Due to the vaccination programs against the coronavirus, the European Commission is "cautiously optimistic" about the outlook in Europe. The Commission expects 3.8 percent growth in the eurozone this year and next year. "The forecast gives hope at a time of uncertainty for all of us," Vice President Valdis Dombrovskis said, but added that the immediate future remains uncertain due to coronavirus variants and lockdown measures. 

The recovery in the Netherlands will take a little longer than other countries, but the Netherlands also fell less deeply than expected and than other eurozone countries. According to the Commission, the Dutch economy shrank by 4.1 percent last year, instead of the November expectation of -5.3 percent. The economy in the eurozone shrank on average by 6.8 percent last year.