Second estimate for fourth quarter 2008: Dutch economy shrinks by 0.6 percent

The Dutch economy shrank by 0.6 percent in the fourth quarter of 2008 compared with the same quarter in the previous year. This second estimate is the same as the first estimate published on 13 February.

Compared with the first estimate, the decrease in investment and exports of goods and services is slightly higher. On the other hand, on the basis of new information government spending has been adjusted upwards.

Adjustment of previous quarters in 2008

Economic growth for the first three quarters of 2008 has been adjusted upwards slightly, as a result of the higher estimate of spending by municipalities. On the basis of these new quarterly figures, overall economic growth for 2008 comes to 2.1 percent.

Quarter-on-quarter decrease 1.0 percent

Compared with the previous quarter, the volume of GDP decreased by 1.0 percent in the fourth quarter of 2008, after adjustment for working day and seasonal effects. This quarter-on-quarter decrease is 0.1 of a percent point larger than the first estimate, as a result of the upwards adjustment of the estimate for the third quarter of 2008.

Gross domestic product (market prices), volume

  % year-on-year change % quarter-on-quarter change 1)
  estimate 13-2-2009 estimate 26-3-2009 estimate 13-2-2009 estimate 26-3-2009

First quarter 2008 3.6 3.7 0.5 0.6
Second quarter 2008 3.3 3.5 -0.1 -0.1
Third quarter 2008 1.9 2.0 -0.3 -0.3
Fourth quarter 2008 -0.6 -0.6 -0.9 -1.0
Year 2008 2.0 2.1    

1) Corrected for seasonal and working day effects.

Source: CBS.