Economic growth of 1.0 percent in Q2 2024

The overall picture has not changed. Growth in Q2 was mainly due to goods exports. Public consumption and investments also made a positive contribution. The increase in goods export was also related to the growth seen in the manufacturing sector.

Second estimate

The second estimate is conducted 85 days after the end of the quarter. The first estimate is calculated 45 days after the end of the quarter, and is based on the most recent data available at that point. Following the first estimate, new information about the state of the Dutch economy continues to pour in, including data on the construction sector, business services, hotels and restaurants, the public sector, the care sector and the financial sector. These data are added and new calculations are carried out.

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, but ranged between -0.3 and 0.7 percentage points, both of which occurred in 2021.

Quarter-on-quarter growth adjustment

With each new estimate, CBS also recalculates the seasonally adjusted series for previously published quarters. This has not led to an adjustment of GDP growth in the previous quarters.

Growth compared to the second quarter of 2023

Year on year, GDP grew by 0.8 percent in Q2 2024. According to the first estimate too, growth was 0.8 percent. The overall picture did not change. 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.

22 thousand new jobs

The second estimate shows that the number of people in employment or self-employment increased by 22 thousand in Q2 2024 compared to Q1 2024. According to the first estimate too, the increase was 22 thousand jobs.

The second estimate for Q2 2024 also suggested a year-on-year increase in the number of people in employment or self-employment of 142 thousand. That was 142 thousand according to the first estimate, too.