Economic growth in the Netherlands will slow down more than anticipated next year, as exports are hit by the fallout of U.S. trade policies and Brexit.
The Dutch economy will grow by 1.4% in 2020, the government’s main economic adviser said, down from an earlier projection of 1.5%.
“Our export is suffering under the fallout of foreign developments,” agency director Laura van Geest said.
“American trade policies, the increased possibility of a chaotic Brexit and the political developments in Italy are important threats for the Dutch economy.”
Record low unemployment rates and rising wages have helped the euro zone’s fifth largest economy to do unexpectedly well in the first half of this year, despite worrying signs of a recession in its main trading partner, Germany.
This strong showing is expected to deliver growth of 1.8% for the whole year, down from 2.6% in 2018, though the CPB in June had pencilled in an expansion of 1.7%.