The strong economic recovery that followed the coronavirus crisis is giving way to a downturn.
Persistent high inflation and high energy prices are weighing on households’ purchasing power. We also have to contend with sharp rises in interest rates, high construction costs, the protracted nitrogen crisis and the ongoing war in Ukraine.
All these developments have caused a rapid rise in uncertainty about the economic outlook. The Dutch economy still managed to grow by 2.6% in the second quarter of this year compared to the first quarter. The third quarter however shows a slight contraction of 0.2% (q-o-q). 1 This increased uncertainty is also evident in the real estate market.
Sources 1 https://www.cbs.nl/en-gb/news/2022/46/economic-contraction-0-2-percent-in-q3-2022
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