GDP growth rate 0.4 percent in Q1 2017

© Hollandse Hoogte
According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) showed a 0.4 percent growth in Q1 2017 relative to Q4 2016. The second GDP estimate is published 90 days after the end of the quarter.

The growth figure is the same as in the first estimate, which was published on 16 May. The overall picture of the economy has remained unchanged. Growth is mainly due to an increase in investments. GDP growth has been ongoing for twelve consecutive quarters.

GDP
 % changeindex
2010 I0.1100.4
2010 II1.8101
2010 III1.6101.3
2010 IV2.1102.6
2011 I3103.3
2011 II2.2103.2
2011 III1.6103.2
2011 IV0.1102.4
2012 I-1.2102.3
2012 II-0.6102.3
2012 III-1.3101.9
2012 IV-1.1101.2
2013 I-1.4101.5
2013 II-1101.3
2013 III0101.9
2013 IV1.6102.5
2014 I0.6102.4
2014 II1.6102.9
2014 III1.6103.3
2014 IV1.9104.4
2015 I2.7105.2
2015 II2.1105.4
2015 III2.4105.7
2015 IV1.8106
2016 I1.7106.7
2016 II2.3107.5
2016 III2.4108.3
2016 IV2.4108.9
2017 I3.2109.4

Second estimate

The second estimate is conducted 90 days after the end of the quarter. The first estimate, which is calculated 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 keeps pouring in, e.g. data about the sectors construction business services, hotels and restaurants, government care and the financial sector. These data are subsequently incorporated into new calculations.

In absolute terms, adjustments in the second estimate relative to the first have averaged 0.1 percentage point over the past half decade, with the two extremes at - 0.3 and + 0.5 percentage point.

Adjustments of growth in previous quarters

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. As a result, the quarter-on-quarter growth rate for Q3 2016 has been adjusted from 0.8 to 0.7 percent.

Growth relative to Q1 2016

Year-on-year, the economic growth rate in Q1 was 3.2 percent, as against 3.4 percent in the first estimate.

Annual figures

Revised annual figures over 2015 (final) and 2016 (provisional) are published simultaneously with the second estimate over Q1 2017. Based on the latest available data, the economic growth rate for 2015 has been adjusted from 2.0 to 2.3 percent. The growth rate for 2016 remains stable at 2.2 percent.

53 thousand new jobs

The second estimate shows that the number of employee and self-employed jobs increased by 53 thousand in Q1 2017 compared to Q4 2016. The first estimate suggested an increase of 56 thousand jobs.

In Q1 2017, the second estimate suggested a growth of 166 thousand employee and self-employed jobs compared to the same quarter in 2016, versus 171 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available.

Total jobs (seasonally adjusted)
 change
2010 I-60
2010 II53
2010 III12
2010 IV20
2011 I56
2011 II49
2011 III9
2011 IV-8
2012 I2
2012 II-16
2012 III-34
2012 IV-42
2013 I-52
2013 II-20
2013 III-9
2013 IV-11
2014 I-13
2014 II18
2014 III19
2014 IV25
2015 I41
2015 II30
2015 III26
2015 IV23
2016 I3
2016 II29
2016 III37
2016 IV57
2017 I53

Sources

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