Dutch economy grows by 0.8 percent in Q3 2024

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

Increases in consumption and investments, trade balance decreases

Household consumption in Q3 increased by 0.8 percent compared with Q2. Adjusted for price changes, consumers mainly spent more on clothing, home furnishing and energy. Public consumption also grew by 0.8 percent. The government spent more on healthcare and public administration, in particular. Investment in fixed assets increased by 0.7 percent. Investment in homes and machinery was up, in particular.

In Q3 2024, exports of goods and services grew by 0.4 percent relative to Q2 2024. Imports of goods and services rose more rapidly by 0.6 percent, however, which meant the trade balance fell by 1.0 percent.

Sector trade, accommodation and food services, transportation and storage made most positive contributions to growth

In Q3 2024, value added (the difference between the production and consumption of energy, materials and services) of the electricity and gas supply sector grew the most, at 3.8 percent. However, the added value of the sector trade, accommodation and food services, transportation and storage made the largest contribution to growth. This was mainly due to the wholesale and retail trade. This was followed by manufacturing and the public sector.

Economic growth of 0.3 percent in the European Union

At 0.8 percent, the Netherlands’ economic growth was stronger than that of its most important trading partners. The economy of the European Union (EU) as a whole grew by 0.3 percent in Q3 2024 compared to the previous quarter. In France, GDP rose by 0.4 percent, in Belgium and Germany by 0.2 percent. The world's largest economy, the US, grew by 0.7 percent in Q3.

Dutch economy 1.7 percent larger than in Q3 2023

In Q3 2024, the Dutch economy was 1.7 percent larger, year on year. The increase in public and household consumption contributed the most to growth. The contribution of the trade balance was slightly negative. The sector trade, accommodation and food services, transportation and storage, the public sector and the business services sector made the largest contributions to economic growth year-on-year.

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 Tuesday 24 December.

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 figure for Q2 2024 was adjusted from 1.0 to 1.1 percent.