The Netherlands' economy unexpectedly shrunk in the first quarter of the year, marking the first contraction since early 2013, preliminary figures from the Central Bureau of Statistics showed Thursday.
Gross domestic product declined 1.4 percent from the fourth quarter of 2013, when the economy grew 1 percent, which was revised from 0.9 percent. Economists were looking for a flat reading.
The latest contraction was the first since the first quarter of 2013, when the Dutch economy shrunk 0.2 percent. The agency blamed the first quarter contraction partly on weaker demand for gas due to the very mild winter and said the underlying recovery is likely to continue.
On a working-day adjusted basis, GDP declined 0.5 percent from the same quarter last year. In the fourth quarter, the economy grew 0.8 percent from a year ago. Economists had forecast 1.2 percent growth for the first quarter.
Household consumption fell 2 percent annually, while government consumption grew 0.1 percent.
Investment growth sustained in the first three months of the year. Fixed asset investment rose 6.3 percent, following 6.7 percent growth in the previous quarter.
Exports grew 1.4 percent and imports rose 1.8 percent.
In the first quarter, employment declined by 32,000 from the previous quarter.
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