Economic growth of 1.0 percent in Q4 2021

The growth rate has been adjusted upwards, mainly due to upwardly revised figures on public consumption. Growth in Q4 was largely due to increases in public consumption, investments and the trade balance.

Second estimate

The second estimate is conducted around 85 days after the quarter has ended. The first estimate, which is calculated 45 days after the end of the quarter, is based on the most recent data available at that moment. After the first estimate, more new information about the state of the Dutch economy keeps pouring in, e.g. data on sectors including construction, business services, accommodation and food services, the public sector, care and financial institutions. These data are then incorporated into new calculations.

Over the five-year period 2016-2020, the absolute adjustment of the second estimate relative to the first estimate was on average 0.04 percentage point, with the two extremes at - 0.2 and + 0.1 percentage point.

Growth rates in Q1 and Q3 2021 also adjusted

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. While conducting the second estimate for Q4, CBS also adjusts the first three quarters on the basis of the most recent data. As a result, the quarter-on-quarter GDP growth rate has been revised for Q1 and Q3: Q1 from -0.8 to -0.5 percent and Q3 from 2.1 to 2.0 percent.

Growth relative to Q4 2020 adjusted to 6.5 percent

Year-on-year, the GDP growth rate in Q4 was 6.5 percent. This was 6.2 percent in the first estimate. The growth rates for Q1, Q2 and Q3 have been adjusted as well: from -2.4 to -2.2 percent, from 10.4 to 10.7 percent and from 5.2 to 5.4 percent, respectively. The adjustments are mainly due to upward revisions for the care sector and the balance of taxes and subsidies on products.

Dutch economy grew by 5.0 percent in 2021

Annual GDP growth for 2021 was also adjusted to 5.0 percent, versus 4.8 percent according to the first estimate on 15 February. Annual growth over 2021 was mainly due to an increased trade balance along with higher household and public consumption. Investments increased as well.

59 thousand new jobs

The second estimate shows that, in Q4 2021, the number of employee and self-employed jobs rose by 59 thousand relative to Q3 2021. The first estimate suggested 44 thousand additional jobs.
The second estimate further suggests a year-on-year increase of 377 thousand employee and self-employed jobs in Q4, versus 353 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available. Figures for the first three quarters of 2021 have also been adjusted on the basis of the most recent data. Overall, the number of employee and self-employed jobs increased by 203 thousand on average in 2021.