Economic growth of 0.4 percent in Q4 2024

The overall picture has not changed. GDP in the fourth quarter grew mainly because the trade balance improved and investments rose. Consumption also made a positive contribution.

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 2020-2024, the difference between the final estimate and the first estimate was 0.1 percentage points in absolute terms, but ranged between -0.4 and 0.7 percentage points, in 2024 and 2021 respectively.

As of the first quarter of 2025, the publication of the first estimate will be brought forward to 30 days after the end of each quarter. This means that CBS will publish the first estimate of economic growth and some labour market indicators for the first quarter of 2025 on 30 April instead of 15 May.

Quarter-on-quarter growth adjustment

With each new estimate, CBS also recalculates the seasonally adjusted series for previously published quarters. The quarter-on-quarter GDP growth rate for Q1 2024 has been revised from -0.3 percent to -0.2 percent and for Q2 from 1.1 percent to 1.0 percent.

Growth compared to the fourth quarter of 2024

Year on year, GDP grew by 1.9 percent in Q4 2024. According to the first estimate, growth was 1.8 percent. The upward adjustment is mainly due to the fact that household consumption was adjusted upwards. The overall picture did not change. The increase in investments contributed the most to growth. The contribution of the trade balance, public and household consumption was also positive.

Dutch economy grew by 1.0 percent in 2024

Economic growth in 2024 was 1.0 percent. In the first estimate published on 14 February, it was 0.9 percent. The overall picture has not changed. Public consumption contributed most to growth in 2024. This was followed by household consumption.

41 thousand new jobs

The second estimate shows that the number of people in employment or self-employment increased by 41 thousand in Q4 2024 compared to Q3 2024. According to the first estimate, the increase was 33 thousand jobs.

The second estimate for Q4 2024 suggests a year-on-year increase in the number of people in employment or self-employment of 95 thousand. That was 80 thousand according to the first estimate.