GDP growth rate remains 0.4 percent in Q3 2017

According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) showed 0.4 percent growth in Q3 2017 relative to Q2 2017. The second GDP estimate is published 90 days after the end of each quarter.

The growth rate is the same as in the first estimate, which was published on 14 November. Growth is widely supported; investment, consumption and investments were up. GDP rose less sharply than in Q2, but the 1.5 percent growth in that quarter was exceptionally high.

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 I0.6102.3
2014 II1.6102.9
2014 III1.6103.3
2014 IV1.9104.5
2015 I2.7105.3
2015 II2.1105.3
2015 III2.4105.7
2015 IV1.8106.1
2016 I1.7106.9
2016 II2.3107.2
2016 III2.4108.3
2016 IV2.4109
2017 I3.2109.7
2017 II3.3111.3
2017 III3111.7

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.

No adjustments of growth in previous quarters

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. However, this hasn’t resulted in adjustments of quarter-on-quarter growth in previous quarters.

Growth relative to Q3 2016

Year-on-year, the economic growth rate in Q3 was 3.0 percent, the same as in the first estimate.

48 thousand new jobs

The second estimate shows that the number of employee and self-employed jobs increased by 48 thousand in Q3 2017 compared to Q2 2017. The first estimate suggested an increase of 51 thousand jobs.

In Q3 2017, the second estimate suggested a growth of 218 thousand employee and self-employed jobs compared to the same quarter in 2016, versus 223 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-7
2012 I2
2012 II-16
2012 III-34
2012 IV-42
2013 I-52
2013 II-19
2013 III-9
2013 IV-11
2014 I-14
2014 II18
2014 III19
2014 IV26
2015 I40
2015 II29
2015 III26
2015 IV24
2016 I3
2016 II28
2016 III35
2016 IV57
2017 I57
2017 II56
2017 III48

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