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
12 June 2026
Background
Higher energy prices, uncertainty, and cautious consumers and businesses are holding back growth. Our Spring Projections show that the impact on inflation remains moderate for the time being. Below, we highlight the key developments in five figures.
Read more The five key figures on the Dutch economy
12 June 2026
Background
Inflation and economic growth are linked to energy price movements. That is why we added two scenarios to our Spring Projections: an adverse and a severe scenario. Rather than predicting what will happen, they show what might happen if oil and gas prices stay high for longer and/or rise further.
Read more What if energy prices remain high for longer and uncertainty lingers?
12 June 2026
Press release
Growth in the Dutch economy is expected to be significantly lower this year than in 2025. This is largely due to the war in the Middle East, which has also caused inflation to rise in recent months. This is evident from the Spring Projections, published today by De Nederlandsche Bank (DNB).
Read more War in the Middle East is holding back economic growth and driving up inflation
05 June 2026
Background
The US dollar continues to play a major role in the global economy, but a shift is taking place. Central banks are holding relatively fewer dollar reserves than they did ten years ago. This is evident from recent figures from De Nederlandsche Bank and the International Monetary Fund (IMF).
Read more The dollar is losing ground as a reserve currency, but remains dominant