According to the first estimate from Statistics Netherlands (CBS) based on the data currently available, gross domestic product (GDP) increased by 1.0 percent in Q2 2024 relative to the previous quarter. The growth in Q2 is mainly due to goods exports. Public consumption and investments also made a positive contribution. The increase in export goods is also related to the growth seen in the manufacturing sector.
Following a low point in mid-2020, economic growth saw a strong recovery and the Dutch economy grew continuously until mid-2022. Then followed almost two years of economic stagnation. However, the Netherlands GDP was slightly larger in Q2 2024 than it was in Q2 2022.
Increases in exports, public consumption and investments
In Q2 2024, exports of goods and services grew by 1.3 percent relative to Q1 2024. Exports of chemical products, food and beverages, machinery and equipment in particular increased. Imports of goods and services rose less rapidly by 0.4 percent. The trade balance made the largest contribution to economic growth in Q2.
Public consumption grew by 1.0 percent. The government mainly spent more on healthcare, public administration and the reception of asylum seekers. Investments in fixed assets increased by 0.4 percent. Investments in transportation equipment, homes and machinery were up, in particular.
Household consumption decreased by 1.0 percent compared with Q1. Adjusted for price changes, consumers mainly spent less on food, beverages and energy. They also spent less in the accommodation and food services sector.
Read more: Economic growth of 1.0 percent in Q2 2024 | CBS
