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12 July 2021 General Supervision label Economic Developments and Outlook

This memorandum sets out DNB’s most recent forecasts for the Dutch economy in 2021 and 2022. This so-called interim projection is an updated version of the December forecast and, as such, it is not comprehensive. The reason for this update is the fact that the pandemic has not developed as predicted in DNB’s previous projection, which was based on the assumption that the partial lockdown would be relaxed from the beginning of 2021. Partly based on this expectation, the December projection estimated GDP growth of 2.9% in both 2021 and 2022. However, in mid-December the containment measures were further tightened, effectively leading to a full lockdown, which is still in place.

Interim Projection: Economic Developments 2021 - 2022

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