Higher exports, investments and household consumption
In Q2 2021, consumers spent 9.3 percent more than in Q2 2020. This is mainly due to the (gradual) opening of shops and accommodation and food services. Consumers spent mainly more on accommodation and food services, medical services, clothing and passenger cars. However, household consumption has not yet returned to pre-coronavirus levels. Compared to the second quarter of 2019, household consumption was almost 5 percent lower.
In Q2 2021, the volume of investments in fixed assets was 9.5 percent up on the same quarter last year. Investments were mainly up in dwellings, buildings, passenger cars, other road transport, machinery and installations. Investments are also not yet back at pre-coronavirus levels and were around 1 percent lower compared to the second quarter of 2019.
Exports of goods and services in Q2 2021 were 14 percent up year-on-year. In particular, more machinery, chemical products and transport equipment were exported. Exports of Dutch manufactured goods were 16 percent higher, while re-exports (the export of previously imported products) grew by 21.1 percent.
3.1 percent GDP growth in Q2 2021
According to the first estimate conducted by CBS, gross domestic product (GDP) increased by 3.1 percent in Q2 2021 relative to the previous quarter. This economic growth was mainly due to increased household consumption and a higher trade balance. Relative to Q2 2020, GDP was up by 9.7 percent.
For more information: https://www.cbs.nl/en-gb/news/2021/33/economic-outlook-more-positive-again