Economic growth of 0.8 percent in Q3 2024

The overall picture has not changed. GDP in the third quarter grew mainly because household and public consumption increased. However, the trade balance decreased.

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, accommodation and food services, the public sector, health and well-being and the financial sector. These data are added and new calculations are performed.

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 third quarter of 2023

Year on year, GDP grew by 1.7 percent in Q3 2024. According to the first estimate too, growth was 1.7 percent. The overall picture did not change. The increase in public and household consumption contributed the most to growth. The contribution of the trade balance was slightly negative.

20 thousand new jobs

The second estimate shows that the number of people in employment or self-employment increased by 20 thousand in Q3 2024 compared to Q2 2024. According to the first estimate, the increase was 18 thousand jobs.The second estimate for Q3 2024 also suggested a year-on-year increase in the number of people in employment or self-employment of 107 thousand. That was 104 thousand according to the first estimate.