The Netherlands have recovered from another COVID-19 recession in the second quarter, but labor shortages loom as job vacancies outnumber the unemployed.
The Dutch economy grew by 3.1 percent in the second quarter relative to the previous quarter as lockdown measures have relaxed.
Private consumption increased 5.7 percent in the second quarter. Exports and imports increased by 4 and 2.6 percent, respectively. Investments, however, went down by 1.8 percent.
The Netherlands’ gross domestic product grew 9.7 percent higher than the second quarter of 2020.
However, there were also 106 job vacancies for every 100 unemployed people, indicating a shortage in the Dutch labor market.
“We haven’t seen anything like this in 50 years,” CBS economist Peter Hein van Mulligen said.
Job vacancies spiked in the second quarter when the easing of lockdown restrictions allowed the trade, business services, and healthcare sectors to reopen.
Labour economist Siemen van der Werff highlighted that the COVID-19 pandemic only worsened the Netherlands’ initial struggle with an aging labor force.
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