The ongoing corona lockdown and the challenging vaccination campaign are delaying the economic recovery of the Netherlands. The Dutch Central Bank (DNB) has therefore lowered its growth forecast for this year. DNB currently expects a growth of 2.2% for 2021 and 4.2% for 2022. In the previous estimate in December, 2.9% growth was expected in both years.
In January, consumer spending in the Netherlands displayed the second strongest contraction ever recorded as a result of the corona lockdown measures. Statistics Netherlands (CBS) reports that only during the first lockdown in April 2020 the decrease in consumer spending was larger. Consumption in January 2021 was 13.5% less than in January last year.
The German economy will most probably show a strong contraction in the first quarter of this year. According to the Bundesbank, this will be the result of different sectors continuing to be affected by the measures set to control the pandemic. Additionally, a slowdown in the construction sector of Europe’s largest economy is adding to the situation.
The 6M Euribor is unchanged at -0.52% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.05% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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