Economic growth in the Netherlands jumped to a surprising 2.6 percent in the second quarter compared with the previous three months, as household spending picked up despite high inflation and companies stepped up investment.
The strong expansion defied economists’ expectations that growth would remain around the 0.5% seen in the first quarter of 2022.
The recovery for the period between April and June left the eurozone’s fifth-largest economy 5.3% larger than in the same period last year.
Growth was fueled by a 7% increase in household consumption compared to the second quarter of 2021, when spending was still constrained by COVID-19 containment measures, even as inflation rose to around 9%.
Investment was 5 percent higher than last year, while exports rose nearly 6 percent, official data showed.
Source: Capital
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