Dutch Economy Back to Pre-Crisis Levels

The Dutch economy has grown by 2.1% this year the government’s economic think tank said on Tuesday, thereby recovering to pre-financial crisis levels.

“With one quarter to go, 2016 has been a special year for economic recovery,” The Hague-based Central Planning Office said in a statement, AFP reported.

“Production per capita is back to 2008 levels following double dips in 2009 and 2012-13,” the CPB said, adding that the last time Europe’s sixth-largest economy showed such growth after a sustained crisis period was back in the 1980s.

Unemployment also fell, from 6.9% to 6%, in 2016 with a further dip to 5.3% predicted for next year—but remains well above the 4% unemployment figure of 2008.

The CPB said improved growth was mainly due to a rise in consumer spending, with a thaw in the housing market—which has seen a price freeze for several years—having also stimulated spending.

It warned however that many uncertainties possibly affecting economic growth remained for next year, including fears over Britain’s plans to leave the EU and US economic policy under a Trump administration.

The Dutch economy took a serious blow in the aftermath of the 2008 global financial crisis and has seen several years of austerity-driven budgets by Prime Minister Mark Rutte’s Liberal-Labor coalition government.

But Rutte has recently been driving home the point that the economy is improving—an important rallying point for the Dutch premier ahead of planned parliamentary polls in March next year.