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After reaching a low point in mid-2020, economic growth recovered strongly, with the Dutch economy continuing to grow until mid-2022. This was followed by nearly two years of economic stagnation. However, GDP in the Netherlands in the second quarter of 2024 was slightly higher than in the second quarter of 2022.
| 2019 | Third quarter | 98.2 |
|---|---|---|
| 2019 | Q4 | 98.3 |
| 2020 | First Quarter | 97.2 |
| 2020 | Second quarter | 89.1 |
| 2020 | Third quarter | 95 |
| 2020 | Q4 | 95.4 |
| 2021 | First Quarter | 96.2 |
| 2021 | Second quarter | 99.9 |
| 2021 | Third quarter | 101.8 |
| 2021 | Q4 | 102 |
| 2022 | First Quarter | 103 |
| 2022 | Second quarter | 105.7 |
| 2022 | Third quarter | 105.7 |
| 2022 | Q4 | 105.6 |
| 2023 | First Quarter | 105.4 |
| 2023 | Second quarter | 105.2 |
| 2023 | Third quarter | 104.8 |
| 2023 | Q4 | 105 |
| 2024 | First Quarter | 104.7 |
| 2024 | Second quarter | 105.8 |
All figures quoted in this report are quantitative figures. This means that they have been adjusted for price changes.
Exports, public consumption and investment increased
In the second quarter of 2024, exports of goods and services increased by 1.3 PercentCompared to the first quarter of 2024, this represents an increase of 0.1%. Exports of chemical products, food and beverages, machinery and equipment increased in particular. Imports of goods and services grew more slowly, at 0..4%. The trade balance contributed the most to economic growth in the second quarter.
Public consumption increased by 1.0%. The government increased spending mainly on health care, public administration and reception of asylum seekers. Fixed asset investment increased 0.4%In particular, investment in transport equipment, housing and machinery increased.
Household consumption decreased by 1.0%This was down from the first quarter. After adjusting for prices, consumers spent less mainly on food, beverages and energy. They also spent less on accommodation and food services.
| gross domestic product | 1 | -0.3 |
|---|---|---|
| Import | 0.4 | -0.6 |
| exit | 1.3 | -1.4 |
| Government consumption | 1 | 0 |
| Fixed capital formation | 0.4 | 0.8 |
| Household consumption | -1 | 0.5 |
Manufacturing growth
In the second quarter of 2024, manufacturing value added (the difference between the production and consumption of energy, materials and services) grew fastest, reaching 3.3 PercentHowever, in the first quarter of 2024, value added fell by the same percentage. Compared with the same period last year, value added in the manufacturing sector was 0.6 The second quarter saw a decline of several percent. Business services, trade, government, culture, sports and entertainment sectors, and manufacturing also contributed positively to growth in the second quarter of 2024.
| manufacturing | 3.3 | -3.3 |
|---|---|---|
| Cultural, entertainment and other services | 2.6 | -1.3 |
| Business Services | 1.5 | 0.6 |
| put up | 0.9 | -3 |
| Trade, transport, accommodation and catering | 0.8 | 0.3 |
| Public services, education and care | 0.8 | -0.2 |
| Information and Communications | 0.6 | -0.1 |
| Water supply and waste management | 0.3 | 2.3 |
| Mining and quarrying | 0 | -2.7 |
| Real estate activities | -0.1 | 0.6 |
| Agriculture, forestry and fisheries | -0.7 | -1 |
| Electricity and gas supply | -0.9 | 10.9 |
| Financial institutions | -1.2 | -1.1 |
EU economy grew 0.3%
Netherlands economic growth 1.0 minutesThe Dutch economy is performing well compared to the economic conditions of the Netherlands’ most important trading partners. In contrast, in the first quarter of 2024, the Dutch economy performed worse than its main trading partners.
In the second quarter of 2024, the EU economy grew by 0.3% compared to the previous quarter. GDP in France and Belgium grew by 0.3% and 0.2 PercentHowever, the GDP of Germany, our most important trading partner, shrank by 0.1%. The world’s largest economy, the United States, grew by 0.7 perThe second quarter of 2024 will see a 10% increase.
Dutch economy grows 0.8% compared to second quarter of 2023
In the second quarter of 2024, the Dutch economy 0.8 perThe growth of exports and public consumption contributed the most to economic growth. Compared with the same period last year, business services and the public sector contributed the most to economic growth.
| 2019 | Third quarter | 2.4 |
|---|---|---|
| 2019 | Q4 | 2.3 |
| 2020 | First Quarter | -0.2 |
| 2020 | Second quarter | -8.8 |
| 2020 | Third quarter | -3.3 |
| 2020 | Q4 | -2.9 |
| 2021 | First Quarter | -1.1 |
| 2021 | Second quarter | 11.8 |
| 2021 | Third quarter | 7 |
| 2021 | Q4 | 7.6 |
| 2022 | First Quarter | 6.9 |
| 2022 | Second quarter | 5.7 |
| 2022 | Third quarter | 3.7 |
| 2022 | Q4 | 3.8 |
| 2023 | First Quarter | 1.9 |
| 2023 | Second quarter | -0.3 |
| 2023 | Third quarter | -0.7 |
| 2023 | Q4 | -0.5 |
| 2024 | First Quarter | -0.6 |
| 2024 | Second quarter | 0.8 |
First estimate
The first estimate is published 45 days after the end of the quarter and is based on information available at that time. It provides an initial picture of the state of the Dutch economy. After the first estimate, new data is collected and used to make new calculations. The second economic growth estimate is published on Monday 23 September.
On average, the difference between the final and first estimates is 0 over the five-year period from 2019 to 2023..1 percentage pointThe absolute value change ranged from -0.3 to 0.7 percentage points, with both extreme values occurring in 2021.
Each time a new estimate is released, CBS also determines new seasonally adjusted figures for the previously released quarters. For example, the growth figures for the first and fourth quarters of 2023 were adjusted by 0..2 percentage pointsWaypoints.
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