Dutch economy shrinks by 'unprecedented' 8.5% in Q2 as Covid-19 hits

"Corona has caused unprecedented economic damage. It is an economic catastrophe of exceptional proportions," said Peter Hein van Mulligen, chief economist at the Dutch statistics office

The Dutch economy suffered an unprecedented 8.5 per cent contraction in the second quarter as the coronavirus pandemic slammed the brakes on spending, exports and investments, the country's Central Bureau for Statistics said Friday.

While the Dutch contraction compared to the first quarter was bad, it was not as severe as other major European countries like France and Germany. The 19-country eurozone, which the Netherlands is a part of, dropped by a quarterly 12.1 per cent while the U.K. reported a 20.4 per cent decline.

"Corona has caused unprecedented economic damage. It is an economic catastrophe of exceptional proportions," said