Netherlands’ GDP up 1.0% in Q2 – CBS second estimate

Netherlands’ GDP growth gross domestic product (GDP) increased by 1.0 per cent in the second quarter of 2024 compared to the first quarter, according to the second estimate conducted by Statistics Netherlands (CBS).

This positive trend, which was initially indicated by the CBS’ first estimate, remained unchanged after a more comprehensive review.

Exports of goods, particularly driven by the manufacturing sector, played a significant role in second-quarter growth. Public consumption and investments also contributed positively. The second estimate, which incorporated additional data from various sectors, confirmed the initial findings.

Year-on-year, the Dutch economy expanded by 0.8 percent in the second quarter of 2024. Exports and public consumption were again key drivers, with business services and the public sector making notable contributions.

The labour market also showed signs of improvement. The number of people employed or self-employed increased by 22 thousand in the second quarter compared to the previous quarter. This positive trend was consistent with both the first and second estimates.

Overall, the Netherlands’ economy demonstrated resilience and continued growth in the second quarter of 2024, reflecting a positive outlook for the country’s economic recovery.

The initial estimate of GDP growth is released approximately 45 days after the quarter ends, using the most current data available. A second, more comprehensive estimate follows 40 days later, incorporating additional information from sectors like construction, business services, hospitality, public administration, healthcare, and finance.

Attribution: Statistics Netherlands (CBS)