According to the second estimate, the Dutch economy grew 0.9 percent in the fourth quarter of 2013 relative to the third quarter, versus 0.7 percent on the basis of the first estimate released on 14 February. The quarter-on-quarter growth rate of the fourth quarter was revised on the basis of year-on-year economic developments. The estimate for the fourth quarter was adjusted upwards, the estimate for the third quarter was adjusted downwards. The other quarters have not been revised relative to the same quarter in the previous year.
On balance, the estimated growth figure over the entire year 2013 is not affected. The economic growth rate in the Netherlands over 2013 remains unchanged at - 0.8 percent.
Relative to one year previously, the Dutch economy grew 0.8 percent in the fourth quarter, versus 0.7 percent according to the first estimate. Investors were more active, which largely accounts for the higher growth rate. Output and investments in the construction sector were higher than initially estimated and the negative growth of household and government spending remained marginally below the anticipated level. The trade balance of services, on the other hand, was lower than initially estimated. The number of working days in the fourth quarter of 2013 was the same as in the fourth quarter of 2012.
Just as in previous years, the economic growth rate over the first three quarters is also revised when the second estimate for the fourth quarter is published. This resulted in a downward correction for the third quarter relative to twelve months previously by 0.2 percentage points to - 0.6 percent, partly due to new source information about the public sector. The growth rates for the first and second quarter remained unchanged at - 1.8 and - 1.7 percent respectively relative to the same quarter in the preceding year.
Fewer jobs lost
In the fourth quarter of last year, 128 thousand employee jobs were lost compared to the same quarter in 2012, i.e. a reduction by 1.6 percent, versus a reduction by 1.7 percent on the basis of the first estimate. The number of jobs lost in the third quarter was 2.0 percent relative to the third quarter in 2012. After correction for seasonal variation, the number of jobs in the fourth quarter was 4 thousand below the level recorded in the third quarter of 2013. On the basis of the first estimate, 8 thousand jobs were lost.
In the fourth quarter of 2013, wages per year of employment were 2.8 percent up from the same quarter in 2012.