Shocking economic data from the Netherlands.
According to official estimates, Dutch GDP was 1.4 per cent lower in the first quarter of 2014 compared to the previous quarter.
The country's official statistics agency said that the weakness resulted from lower gas consumption due to a very mild winter. So perhaps we'll see a strong rebound next quarter.
Analysts had expected to see Netherlands post zero growth this quarter.
"The underlying economic recovery continues," it insists, yet in the labour market, there is hardly any recovery to be seen. The number of jobs fell by 32,000 in the first three months of this year.