October 30, 2020

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Record shrinkage in business services during the corona crisis NOW

Record shrinkage in business services during the corona crisis NOW

Business Services posted a record decline of more than 18 percent in the second quarter of this year, the Central Bureau of Statistics (CBS) reported Tuesday. The advertising and travel industry also achieved ten percent less sales during the corona crisis than in the same period of the previous year.

The previous record drop in business services, the largest industry in the Netherlands, occurred during the credit crunch. At this point, the fourth quarter 2009 revenue decline was more than 7 percent.

The travel industry was hardest hit during the corona crisis. Industry revenue declined by almost 90 percent compared to the second quarter of 2019.

Advertisers’ average sales fell by almost a third.

Some sectors performed relatively well despite the corona crisis. Legal services even made 2 percent more profit than in the same period of the previous year, while IT service providers only contributed 0.9 percent less profit.