The Netherlands’ national statistics agency CBS on Wednesday said early estimates suggest the Dutch economy grew 5.3% year-on-year in the second quarter of 2022. Quarterly growth was 2.6% despite concerns.

Exports and investment are the main drivers of the higher growth rate, according to CBS. Private consumption also increased by 7% in the quarter, after he dropped to 5.2% in June.

“The Dutch economy is still going full steam ahead,” CBS chief economist Peter Hein van Marigen said at a data release.Case. ‘

Growth in consumer spending was driven by service industries such as tourism, cafes and hairdressers after the end of the last coronavirus restrictions, he said.

Some of the investments that drove growth in the second quarter were one-offs in the form of investments in ships and planes. In contrast, he said exports were more stable and “there is still a lot of demand for the products we export.”

According to Van Marigen, the Dutch economy is doing much better than its neighbors. “The quarterly average in the EU is 0.6% for him, while in our most important trading partners he is below 0.5%.”

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