Netherlands Economic Market Dynamics, Q2 2024
Summary and analysis of The Netherlands current economic market conditions.
- Sven Bertens
- Floor Beeren
- Jerrel King
- Evan Henneberry
- Tilly Spierings
Inflation in the Netherlands increased slightly over Q2, reaching 3.2%. This price increase can be attributed to the increase in excise tax on tobacco per April 1st, which had tobacco prices surge by 30.9% y-o-y. Eurozone inflation remained relatively stable over Q2, reaching 2.5% by June. Core Inflation is expected to ease gradually over the remainder of the year.
The ECB cut rates by 25 bps in June, with the deposit rate now standing at 3.75%; however further cuts in the near future are doubtful.
Unemployment in The Netherlands remained stable at around 3.6%, which is still at historically low levels. Low unemployment is expected to support employment, wage and consumption growth this year.
