Economic growth of 1.0 percent in Q2 2024

Following a low point in mid-2020, economic growth saw a strong recovery and the Dutch economy grew continuously until mid-2022. Then followed almost two years of economic stagnation. However, the Netherlands GDP was slightly larger in Q2 2024 than it was in Q2 2022.

All figures cited in this report are volume figures. This means that they have been adjusted for price changes.

Increases in exports, public consumption and investments

In Q2 2024, exports of goods and services grew by 1.3 percent relative to Q1 2024. Exports of chemical products, food and beverages, machinery and equipment in particular increased. Imports of goods and services rose less rapidly by 0.4 percent. The trade balance made the largest contribution to economic growth in Q2.

Public consumption grew by 1.0 percent. The government mainly spent more on healthcare, public administration and the reception of asylum seekers. Investments in fixed assets increased by 0.4 percent. Investments in transportation equipment, homes and machinery were up, in particular.

Household consumption decreased by 1.0 percent compared with Q1. Adjusted for price changes, consumers mainly spent less on food, beverages and energy. They also spent less in the accommodation and food services sector.

Manufacturing grew

In Q2 2024, value added (the difference between the production and consumption of energy, materials and services) of manufacturing grew the most, at 3.3 percent. However, in Q1 2024, added value fell by the same percentage. Compared to a year earlier, the added value in the manufacturing sector was 0.6 percent lower in Q2. Business services, trade, government and the culture, sports and recreation sector also made a positive contribution to growth Q2 2024, as well as manufacturing.

Economic growth of 0.3 percent in the European Union

The growth of the Dutch economy by 1.0 percent compares positively with the economic situation of the Netherlands’ most important trading partners. In Q1 2024, by contrast, the Dutch economy performed worse than its main trading partners.

The economy of the European Union (EU) grew by 0.3 percent in Q2 2024 compared to the previous quarter. In France and Belgium, GDP rose by 0.3 and 0.2 percent respectively. However, the GDP of Germany, our most important trading partner, contracted by 0.1 percent. The world's largest economy, the US, grew by 0.7 percent in Q2 2024.

Dutch economy 0.8 percent larger than in Q2 2023

In Q2 2024, the Dutch economy was 0.8 percent larger, year on year. The increase in exports and public consumption contributed the most to growth. Business services and the public sector were the sectors that contributed the most to economic growth compared to one year earlier.

First estimate

The first estimate is published 45 days after the end of a quarter and is based on the information available at that moment. It provides an initial picture of the state of the Dutch economy. After the first estimate, new data is collected, which is used to make new calculations. The second estimate of economic growth will be released on Monday 23 September.

On average, over the five-year period of 2019-2023, the difference between the final estimate and the first estimate was 0.1 percentage points in absolute terms, with the two extremes ranging between -0.3 and 0.7 percentage point, both of which occurred in 2021.

With each new estimate, CBS also determines the new seasonally adjusted figures for previously published quarters. For example, the growth figures for Q1 and Q4 2023 were adjusted by 0.2 percentage point.