Dutch economy grows by 0.4 percent in Q4 2024

The release of data on Q4 means that the first annual growth figure for the whole of 2024 is now also available. Last year, GDP grew by 0.9 percent compared with 2023. This was mainly due to increased public and household consumption.

Increases in trade balance, investments and consumption

In Q4 2024, exports of goods and services grew by 0.4 percent relative to Q3 2024. Exports of machinery, natural gas and electricity increased, in particular. Imports of goods and services fell by 0.6 percent. The trade balance (exports minus imports) increased by over 7 percent. The decline in natural gas imports was remarkable. A great deal of the natural gas consumed came from reserves.

Investment in fixed assets increased by 3.0 percent. Investment in passenger cars and delivery vans was up, in particular. On 1 January 2025, the motor vehicle tax for new diesel, petrol and fully electric vehicles changed, as did the rules regarding environmental zones in a number of Dutch cities. Investment in aircraft also grew. Public consumption grew by 0.9 percent, with the government spending more on healthcare, in particular. Household consumption in Q4 also increased by 0.9 percent compared with Q3, with consumers spending more on cars in particular.

The public sector made the most positive contribution to growth

In Q4 2024, value added (the difference between production and the consumption of energy, materials and services) grew in almost all sectors. Value added increased the most in the agriculture, forestry and fisheries sector, at 5.8 percent. However, the added value of the public sector made the largest contribution to growth, mainly due to care and public administration. This was followed by manufacturing (in particular the machinery and food industries).

Economic growth of 0.1 percent in the European Union

At 0.4 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 0.1 percent in Q4 2024 compared to the previous quarter. In Belgium GDP rose by 0.2 percent, but in Germany and France GDP fell by 0.2 and 0.1 percent respectively. The economy of the UK grew by 0.1 percent and the world’s largest economy, the US, grew by 0.6 percent in Q4.

Dutch economy grew by 0.9 percent in 2024

Year on year, the GDP of the Netherlands grew by 1.8 percent in Q4 2024. The release of the data on the fourth quarter means that the first provisional growth figure for 2024 has become available. GDP increased by 0.9 percent last year. That follows a year of low growth (0.1 percent) in 2023.

Public consumption contributed the most to economic growth in 2024, with an increase of 3.1 percent. Consumption by households grew by 1.1 percent. The contribution of the trade balance was also positive: exports were 0.4 percent higher, with goods exports contracting and services exports growing. Imports were 0.1 percent higher. The contribution of investments was slightly negative. Care, business services and trade made the most positive contribution to growth in 2024.

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 in Q4 2024 will be released on Wednesday 26 March.

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. The growth figures for the first three quarters of 2024 remained unchanged.