GDP growth rate remains 0.4 percent in Q3 2017

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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.

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.