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Consumer confidence fell slightly in May, but business investment increased

Dutch consumers were slightly more pessimistic about the economy in May compared to the previous month. Consumer confidence fell for the first time in six months, according to the Dutch Statistics Office (CBS) monthly monitor. He also showed a somewhat reluctant attitude towards new purchases. At the same time, the latest data on corporate investment showed him an increase of more than 4%.

Consumers were more pessimistic about the economy in May than they were in April, according to CBS. The consumer confidence index fell for the first time after improving for six straight months. The indicator used by the Dutch Statistics Office to measure consumer confidence reached minus 38 in May. It was minus 37 in April.

In the Netherlands, consumer confidence is still unusually low, well below the -10 average recorded over the last 20 years. It hit a record low of -59 in September and October 2022, as recorded by the Bureau of Statistics. Dutch Statistics Office started this form of monitoring in 1986. The Consumer Confidence Index hit an all-time high in January 2000, when the index reached +36.

In particular, consumer opinion about the economy over the next 12 months is more negative than it was a month ago, CBS announced Monday. Opinions about financial conditions for both the past 12 months and the next 12 months were slightly less negative in May.

Consumers’ willingness to buy also declined slightly. Specifically, there was some improvement in attitudes towards big purchases.

Corporate investment rose more than 4% in March

Businesses invested 4.4% more in March than the same month last year. More money was invested, especially in buildings and cars, according to CBS.

How willing a company to invest is related to sales market conditions. Financial market developments also influence investment appetite, the statistics bureau said. Although the number of business days has not yet been revised, the number of business days in March this year was the same as last year.

Dutch entrepreneurs said the investment climate improved slightly in April compared to March, but conditions remained unfavorable, according to CBS. The slight improvement was mainly due to the high year-on-year growth rate of exports.

https://nltimes.nl/2023/05/22/consumer-confidence-fell-slightly-may-business-investments-increase Consumer confidence fell slightly in May, but business investment increased

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