The old saying “if Germany sneezes, Holland catches a cold” doesn’t seem to be valid any more. In defiance of the slowdown in Germany and despite Brexit uncertainty and global trade tensions, the Dutch economy is flourishing. In the second quarter it was solid again: the labour market is strong, driving up consumption and putting upward pressure on wages, while exports also grew. The economy will likely expand at a slightly slower rate in the second half, although the tight labour market and a more expansionary fiscal stance should support domestic demand.