Economy of the Netherlands recovered faster from corona than that of neighboring countries
In the countries, the economic impact of the coronavirus on the economy in 2020 was greater than in the Netherlands. In the context of the Netherlands, to achieve less great achievement in 2021 than our neighboring countries. Compared to 2019, the Dutch economy grew by 0.8 percent. The economy in Belgium was also slightly larger in 2021 than in 2019. But the economies of France and the United Kingdom had not fully made up for the severe damage caused by corona a year later, despite a growth of 7.0 and 7 in 2021. 5 percent.
In Germany, economic growth in 2021 was 2.8 percent smaller than in the Netherlands. That growth was also not enough to make up for the contraction in 2020. Ten compared to 2019, the German economy was still almost 2 percent smaller in 2021.
Of the three major economic blocs, the economy in China grew the fastest at more than 8 percent in 2021. The growth in the United States was 5.7 percent. In the European Union, GDP grew by 5.2 percent. That is no match for the contraction in 2020 of 5.9 percent. The economy of the European Union was still about 1 percent smaller in 2021 than in 2019, where the United States economy was about 2 percent larger than in 2019.
United Kingdom | 7.5 | -9.4 |
---|---|---|
France | 7 | -8 |
Italy | 6,5 | -8.9 |
Belgium | 6.1 | -5.7 |
Sweden | 5 | -2.9 |
Spain | 5 | -10.8 |
Netherlands | 4.8 | -3.8 |
Austria | 4.7 | -6.7 |
Finland | 3.6 | -2.8 |
Germany | 2.8 | -4.6 |
China | 8.1 | 2.2 |
United States | 5.7 | -3.4 |
European Union | 5.2 | -5.9 |
Source: CBS, Eurostat | ||
* Provisional figures 2021 |
Dutch economy almost 3 percent larger at the end of 2021 than at the end of 2019
The economies in the Netherlands, the US countries and the United States were all a lot smaller in the fourth quarter of 2020 than in the fourth quarter of 2019. During 2021, however, the gross domestic product (GDP) in the countries rose steadily. In the second quarter of 2021, the GDP of the United States was again above the level of the fourth quarter of 2019. The Netherlands, Belgium and France followed a quarter later. Finally, the European Union passed the pre-corona level in the fourth quarter of 2021. The Dutch economy was almost 3 percent larger in the fourth quarter than in the fourth quarter of 2019.
In the fourth quarter of 2021, however, the economies of Germany and the United Kingdom were still rosy in the fourth quarter of 2019. This is partly due to the corona blow in the second quarter of 2020 in the United Kingdom and the recovery in Germany. The fourth quarter of 2021 was brought to a halt by the fourth corona wave and renewed tightening of the corona measures at the end of the year. The decline in private consumption and the supply constraint in German industry (for example, the chip shortage in the car industry) are depressing GDP. Europe’s largest economy remained 1.5 percent below pre-pandemic GDP levels in the last quarter of 2021.
2019 | 4th quarter | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
---|---|---|---|---|---|---|---|---|
2020 | 1st quarter | 98.7 | 98.4 | 96.9 | 94.3 | 96.9 | 97.4 | 98.2 |
2020 | 2nd quarter | 89.9 | 90.1 | 85.6 | 81.6 | 86 | 78.4 | 88.4 |
2020 | 3rd quarter | 96.7 | 96.9 | 95.8 | 96.8 | 96 | 92.2 | 96.4 |
2020 | 4th quarter | 97.7 | 96.9 | 95.6 | 95.7 | 95.9 | 93.6 | 97.1 |
2021 | 1st quarter | 99.2 | 96.1 | 96.8 | 95.9 | 95.9 | 92.5 | 95.5 |
2021 | 2nd quarter | 100.9 | 99.7 | 98.5 | 97.1 | 97.9 | 97.7 | 97.6 |
2021 | 3rd quarter | 101.4 | 101.8 | 100.5 | 100.2 | 100 | 98.7 | 99.2 |
2021 | 4th quarter | 103.1 | 102.8 | 101 | 100.9 | 100.4 | 99.6 | 98.5 |
Source: CBS, Eurostat |