After years of growth of over 2%, the Dutch economy will grow 1.5% this year and in 2020, the government’s macro-economic think-tank CPB said on Tuesday.

The downturn in growth is due to international uncertainties such as Brexit, Chinese economic developments and US trade policy.

‘International trade is increasing at a slower rate, which is reflected by Dutch exports that are projected to grow substantially less rapidly in 2019 and 2020,’ the CPB said.

‘International uncertainties, such as US trade policy, Brexit and the state of the Chinese economy, also have a negative impact on the economy.’

Spending power will rise by an average 1.6% this year, and 1.3% in 2020, the CPB said, stimulated by government policy and higher wages. The new figure includes higher energy prices and taxes which have boosted energy bills by an average of over €300 a year.

Inflation will rise to 2.3% this year, because of the increase in value added tax (btw) and energy prices, but fall back again to 1.4% in 2020.

The new CPB growth estimate is in line with the agency’s own forecast in December but slightly below predictions from a string of other economic institutes.

The full report will be published on March 19.