Growth GDP 0.8 percent in Q3 2016

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The gross domestic product (GDP) rose by 0.8 percent in Q3 2016 relative to Q2 2016, as the second estimate of GDP conducted by Statistics Netherlands (CBS) shows. GDP is a measure for the size of a country’s economy. The growth figure is 0.1 percentage points higher than in the first estimate, published on 15 November.

Household consumption and investments are the main contributors to GDP growth in Q3. The trade surplus also made a positive contribution. The growth of household consumption and investments in fixed assets was slightly adjusted upwards compared to the first estimate. Government consumption, on the other hand, was marginally adjusted downwards.

Second estimate

The second estimate is conducted 90 days after the end of the quarter. The first estimate, 45 days after the end of the quarter, is based on the most recent data available at that moment. After the first estimate, more new information about the state of the Dutch economy is continually pouring in, e.g. data about the sector business services, the construction sector and the sector hotels and restaurants. These data are subsequently incorporated in the new calculations. In absolute terms, the adjustment of the second estimate relative to the first estimate averaged 0.1 percentage points over the past half decade, with the two extremes ranging between - 0.3 and + 0.4 percentage points.

No adjustments in prior quarters

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. The second estimate over Q3 2016 has not given rise to corrections in the quarter-on-quarter growth of previous quarters.

Growth relative to Q3 2015

Year-on-year, the economic growth rate in Q3 was 2.4 percent, the same figure as presented in the first estimate.

Employment growth in Q3 2016

The second estimate shows that the number of employee and self-employed jobs increased by 24 thousand in Q3 2016 compared to the previous quarter. Most new jobs were created in the sector business services, mainly temp jobs (18 thousand) and in trade, transport and hotels and restaurants (10 thousand new jobs). On the basis of the information then available, the first estimate suggested an increase of 26 thousand jobs in Q3.

According to the second estimate, the number of jobs of employees and self-employed grew by 92 thousand in Q3 2016 relative to Q3 2015, versus 95 thousand presented in the first estimate.