Economic contraction 0.2 percent in Q3 2023

All figures in this news release are volume figures. These have been adjusted for price changes.

Public consumption up, other expenditures down

Investments in fixed assets fell by 1.8 percent in Q3 2023 compared to Q2 2023. This is partly due to fewer investments in transport equipment, machinery and buildings. Furthermore, there was a withdrawal of inventory, versus an accumulation of inventory in Q2. Household consumption remained the same, while public consumption increased by 0.6 percent.

Exports of goods and services fell by 1.6 percent compared to Q2 2023. Exports of both goods and services fell. Imports of goods and services fell more rapidly at 2.3 percent. The trade balance contributed positively to economic development in Q3.

Energy sector and sector culture, sports, recreation and other services contribute most to contraction

In just under half of all sectors, value added (production minus intermediate consumption of energy, materials and services) declined in Q3 2023 relative to Q2. The decline was strongest among energy companies and in culture, sports, recreation and other services.

GDP up by 0.1 percent in the European Union

Just as in the Netherlands, Germany’s GDP fell in Q3 (-0.1 percent). In Belgium and France, the economy grew by 0.5 and 0.1 percent respectively in Q3 2023 relative to the previous quarter. GDP rose by 0.1 percent in the European Union (EU)in Q3. Furthermore, economic growth came to a standstill in the UK. Relative to Q4 2019, i.e. before the coronavirus pandemic, Dutch economic recovery has been stronger than in neighbouring countries and the EU average, although the gap has become narrower.

The rest of this news release deals with economic development relative to Q3 2022.

GDP 0.6 percent down on Q3 2022

Year on year, GDP contracted by 0.6 percent in Q3 2023. The contraction was mainly related to lower exports of goods and services, natural gas inventory and household consumption.

First estimate

The first estimate is published 45 days after the end of a quarter and is conducted based on information available at that moment. It provides an initial picture of the state of the Dutch economy. After the first estimate, new data continue to pour in which are used to make new calculations. The second estimate on economic growth will be released on Friday 22 December. In absolute terms, the adjustment of the second estimate relative to the first estimate was nearly 0.1 percentage point on average over the five-year period 2018-2022, with the two extremes ranging between -0.3 and 0.7 percentage point, both occurring in 2021.

With each new estimate, CBS also determines the new seasonally adjusted figures on previously published quarters. The growth figures for Q1 and Q2 2023, among others, have been adjusted: for Q1 from -0.4 to -0.5 percent and for Q2 from -0.2 to -0.4 percent.