Economic Update
The Dutch economy suffered an exceptional contraction of 3.8% in 2020, which amounts to the largest decline since WW2. The stringent lockdown caused household consumption to fall sharply and hurts the retail sector. Increased investments and industrial production, however, soften the blow.
Economic Update
Different from other European nations, France has not reinstated a lockdown in the first quarter. Consequently, we do not expect the French economy to contract in the first quarter. For 2021 we expect the French economy to grow by 5.8 percent.
Economic Report
We expect a fiscal Q3 GDP figure of -1.8% (y/y) on 26 of February. In general, the outlook for India is improving as the economy picks up and the prospect of additional fiscal support as presented in the FY22 budget. At the same time the policies of the RBI and the government do entail a dose of future risk.
Special
Momentum for green hydrogen is growing in North-West Europe. Almost every week, a new initiative is announced. The Netherlands has a clear lead over Germany, but the latter is catching-up fast.
Economic Comment
The Eurozone economy contracted with 0.7% in the final quarter of last year and with 6.8% in 2020 as a whole. Going forward, the apparent resilience of the economy bodes some comfort, but will not prevent another contraction in the current quarter.
Economic Comment
The German economy expanded by 0.1% in the fourth quarter. Going forward, there are still some major risks however. Transport prices for goods from China have quadrupled recently and pose a threat to the strong trade performance in Germany.
