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Netherlands GDP registers record high growth in Q3

Christian Fernsby |
The gross domestic product (GDP) of the Netherlands increased by 7.7 percent in the third quarter (Q3) of 2020 compared to the second quarter, the largest growth ever measured, the Dutch Central Bureau of Statistics (CBS) announced on Friday.

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As the Netherlands emerged from a low point due to the coronavirus crisis, the growth did not come as a surprise.

In the second quarter of this year, the country's economy experienced a historic contraction of 8.5 percent due to the impact of the coronavirus crisis, according to CBS.

More than half of the growth in Q3 can be attributed to the sharp increase in household consumption.

Households spent 9.4 percent more in Q3 than in the second quarter. Government consumption also rose by 6.3 percent, while exports and imports of goods and services increased by 8.6 and 6.8 percent respectively and investments increased by 6.3 percent.

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