The Netherlands’ unemployment rate dropped further in November, hitting a low of 3.5%, indicating a potential economic boost amidst continuing recession. This decrease from the previous month’s 3.6% was reported by the Dutch Central Bureau of Statistics. The data reflected that the number of unemployed individuals was 357,000 in November, a reduction from 361,000 from October, with a total of 160,200 claiming unemployment benefits. The rate of unemployment among youth (aged 15-25) fell to 8.2% in November from October’s 8.4%. The highest unemployment rate was recorded in September with a stable rate of 3.7%, equivalent to the average rate over the period extending until September. During this stretch, unemployment grew by around 6,000 people monthly. Yet, the rate started to decline in October.

While the Dutch economy has experienced contraction since the start of the year and in comparison to the past six months from September, signs of improvement are emerging. These are attributed to increasing business activity and spending driven by high wages and reduced inflation. This improvement, particularly in consumption, could lead to modest growth in the Dutch economy by 2024, according to Marcel Klok, a senior economist at ING. His predictions suggest a potential 0.7% growth in 2024 following the economic stagnation of 2023. The European Commission’s forecast is slightly more optimistic, expecting a 1.1% growth for the Dutch economy in 2024.