The Dutch economy improved by 2.8 percent in the first quarter of 2011 relative to one year previously. The second economic growth estimate is 0.4 percentage points below the level of the first estimate dating back to 13 May. The major adjustment with respect to output concerns the construction sector. As a result of the further analysis of source material, the growth figure for the construction sector was adjusted downwards. Growth figures for financial and business services were also adjusted downwards. Construction-related investments were adjusted on the expenditure side. As a result, the growth level of total investments was below the level of the previous month. Household consumer spending contracted marginally whereas it seemed to have improved marginally in the prior period.
Quarter-on-quarter growth 0.9 percent
Taking into account the effects of working days and seasonal variation, the Dutch economy improved by 0.9 percent in the first quarter relative to the fourth quarter of 2010. This so-called quarter-on-quarter growth has not been adjusted relative to the first estimate. This is partly due to the fact that the prior 12 quarters were adjusted to the revised annual figures for the period 2008–2010.
With the revised figures for the first quarter of 2011, the annual estimates for 2008 (definitive figures), 2009 (further provisional) and 2010 (provisional) have also been adjusted. Economic growth for 2008 was adjusted downwards by 0.1 percentage points from 1.9 to 1.8 percent. The contraction for 2009 was adjusted by 0.4 percentage points from -3.9 to -3.5 percent. Economic growth for 2010 was adjusted downwards by 0.1 percentage points from 1.8 to 1.7 percent.
Today, the National Accounts Department of Statistics Netherlands has made the switch to the new Standard Industrial Classification (SIC) 2008. For more information, the reader is referred to the links below.
StatLine, Economic growth