It is the first time that the central bank has released a prognosis which is substantially lower than the one used by the government. The government based its 2009 spending plans on economic growth of 1.25 percent. That forecast was made by the national statistics office CBS. Lower growth will have a negative impact on the budget.

However, Coen Teulings, head of the government's economic policy unit CPB says it is too early to make economic predictions. "There is no point in assessing the damage when the house is still on fire," Teulings said on Friday.

He stressed that the positive effects the reduction in commodity and energy prices will have on purchasing power should not be underestimated. The CPB is due to release updated forecasts in December.