Manufacturing output subsequently picked up and by January 2021, it had returned to the level recorded before the coronavirus crisis. In April 2020, the average daily output in this sector dropped sharply an all-time low was recorded in May 2020. The upturn in exports has also cushioned the impact of the current lockdown on export-oriented sectors such as manufacturing. Exports fell by more than 10 percent in April and May 2020 in particular, less transportation equipment and petroleum products were exported. The CPB World Trade Monitor indicates as well that as of the end of 2020, international trade had returned to the level of early 2020. Since the fall of 2020, goods exports have rebounded to their pre-pandemic levels. This represents the highest year-on-year growth rate ever recorded. In January 2021, the total volume of goods exports was nearly 4 percent higher than in the same month of last year. Goods exports have returned to pre-pandemic level Investments in tangible fixed assets (volume) Jaar Furthermore, the overall opinion of manufacturers regarding their future output has been much more positive for months, compared to the spring of 2020. At the beginning of Q1 2021, the capacity utilisation rate was signficantly higher than at the start of Q2 2020, when the utilisation rate of machinery and installations reached its lowest level since measurement of this rate started in 1989. During the latter part of 2020 and early 2021, less sharp investment declines were mainly recorded in transportation equipment, housing, commercial buidings and machinery, relative to the first lockdown in April-May 2020. Investments declined by over 5 percent in January 2021. In May 2020, investments contracted by over 18 percent, mainly on account of fewer investments in transportation equipment. The volume of investments in tangible fixed assets has seen a less severe decline during the present lockdown than last spring. accommodation and food services, recreation, sports and culture.ĭomestic household consumption (volume, shopping day adjusted) jaar By closing of all non-essential retail outlets as of 15 December 2020, an exceptional decline was recorded in consumer spending on durable goods, aside from severe declines in e.g. The largest decline since April 2020 was recorded in January 2021. Easing of the restrictions in the summer was followed by tighter COVID-19 measures as of mid-October, which led to another slump in household consumption. In April 2020, household consumption took a severe hit, contracting by more than 17 percent. Household consumption, investments, public consumption and the trade balance all count towards gross domestic product (GDP). Roughly three-quarters of this contraction could be attributed to lower household consumption. In 2020, the economy contracted by 3.7 percent. This is reported by Statistics Netherlands (CBS) in its review of the Dutch economy in the year 2020. For the time being, the current lockdown therefore appears to have a lower impact on large parts of the Dutch economy than last year’s lockdown. This was once again followed by plummeting household consumption however, goods exports and investments suffered a less harsh impact than during the first lockdown. After easing of the COVID-19 measures over the summer, the restrictions were once again tightened as of mid-October, both within and outside the Netherlands. 15:00 © Hollandse Hoogte / Flip Franssenĭuring the first lockdown in the spring of 2020, unusually sharp declines were recorded in Dutch household consumption, goods exports and investments.
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