Netherlands' economy contracted at a faster than expected pace in the fourth quarter, preliminary data released by the Central Bureau of Statistics showed Wednesday.
The gross domestic product (GDP) decreased 0.7 percent sequentially in the fourth quarter, faster than the revised 0.4 percent fall recorded in the third quarter, indicating that the economy in recession. Economist expected GDP to drop 0.3 percent during the three-month period.
Year-on-year, GDP dropped 0.7 percent in the final three months of 2011, in contrast to the 0.3 percent growth economists forecast. In the third quarter, GDP advanced 1.1 percent annually.
In the year 2011, the Dutch economy expanded 1.2 percent from the previous month, the agency said.
by RTT Staff Writer
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