GDP growth rate 0.8 percent in Q4 2017
GDP, seasonally adjusted index (2009=100) 2010 I 100.4 2010 II 101 2010 III 101.3 2010 IV 102.6 2011 I 103.3 2011 II 103.2 2011 III 103.2 2011 IV 102.4 2012 I 102.3 2012 II 102.3 2012 III 101.9 2012 IV 101.2 2013 I 101.5 2013 II 101.3 2013 III 101.9 2013 IV 102.5 2014 I 102.3 2014 II 102.9 2014 III 103.3 2014 IV 104.5 2015 I 105.3 2015 II 105.3 2015 III 105.7 2015 IV 106.1 2016 I 106.9 2016 II 107.2 2016 III 108.3 2016 IV 109 2017 I 109.6 2017 II 111.3 2017 III 111.8 2017 IV 112.7
| index (2009=100) | ||
|---|---|---|
| 2010 | I | 100.4 |
| 2010 | II | 101 |
| 2010 | III | 101.3 |
| 2010 | IV | 102.6 |
| 2011 | I | 103.3 |
| 2011 | II | 103.2 |
| 2011 | III | 103.2 |
| 2011 | IV | 102.4 |
| 2012 | I | 102.3 |
| 2012 | II | 102.3 |
| 2012 | III | 101.9 |
| 2012 | IV | 101.2 |
| 2013 | I | 101.5 |
| 2013 | II | 101.3 |
| 2013 | III | 101.9 |
| 2013 | IV | 102.5 |
| 2014 | I | 102.3 |
| 2014 | II | 102.9 |
| 2014 | III | 103.3 |
| 2014 | IV | 104.5 |
| 2015 | I | 105.3 |
| 2015 | II | 105.3 |
| 2015 | III | 105.7 |
| 2015 | IV | 106.1 |
| 2016 | I | 106.9 |
| 2016 | II | 107.2 |
| 2016 | III | 108.3 |
| 2016 | IV | 109 |
| 2017 | I | 109.6 |
| 2017 | II | 111.3 |
| 2017 | III | 111.8 |
| 2017 | IV | 112.7 |
GDP 3.1 percent up in 2017
GDP was 2.9 percent up on Q4 2016. Growth was slightly smaller than in the previous three quarters and is mainly due to higher exports and investments. However, household consumption growth was much smaller than in previous quarters.
According to the first estimate, GDP was 3.1 percent up in 2017, the highest growth after 2007, when GDP growth amounted to 3.7 percent. Growth is widely supported; investments, exports and consumption were up.
| growth (year on year %-change) | |
|---|---|
| 2001 | 2.1 |
| 2002 | 0.1 |
| 2003 | 0.3 |
| 2004 | 2 |
| 2005 | 2.2 |
| 2006 | 3.5 |
| 2007 | 3.7 |
| 2008 | 1.7 |
| 2009 | -3.8 |
| 2010 | 1.4 |
| 2011 | 1.7 |
| 2012 | -1.1 |
| 2013 | -0.2 |
| 2014 | 1.4 |
| 2015 | 2.3 |
| 2016 | 2.2 |
| 2017 | 3.1 |
Investments in residential property and machinery up
In 2017, investments were up by 6 percent. Higher investments were mainly made in residential property. Entrepreneurs also invested more in machinery, passenger cars and commercial buildings. These higher investments are consistent with the positive mood among Dutch entrepreneurs.
Mainly more exports of machinery and chemical products
Exports of goods and services grew by 5.5 percent in 2017. Dutch companies exported mainly more machinery and appliances. Exports of chemical products were also higher. Re-exports (i.e. exports of imported products) increased slightly more rapidly than the exports of Dutch products.
Imports of goods and services grew at a slower rate than exports. The balance of imports and exports contributed more to GDP in 2017 than in the previous year.
Consumers spend more
Dutch consumer spending was 1.8 percent up in 2017. They mainly spent more on electrical appliances, clothing and home furnishing articles, but less on passenger cars.
Dutch consumers also spent more on services, e.g. in hotels and restaurants and on recreational services. Spending on services accounts for more than half of total domestic consumer spending.
Increased consumption is consistent with employment growth, which is also reported by CBS today, and further recovery of the housing market. Consumer confidence was at a higher level throughout 2017 compared to 2016.
| 2017 (year-on-year % change) | 2016 (year-on-year % change) | |
|---|---|---|
| GDP | 3.1 | 2.2 |
| Imports | 4.9 | 4.1 |
| Fixed capital formation | 6 | 5.3 |
| Exports | 5.5 | 4.3 |
| Household consumption | 1.8 | 1.6 |
| Government consumption | 1 | 1.2 |
Business services and construction sector show strongest growth
The sectors business services and construction realised strongest output growth in 2017. The manufacturing industry also saw output grow again relative to one year previously. The production of machinery, appliances and transport equipment increased in particular. The mining and quarrying sector, however, saw output decline again on a year-on-year basis.
| 2017 (year-on-year % change) | 2016 (year-on-year % change) | |
|---|---|---|
| Construction | 5.7 | 7.7 |
| Business services | 5.7 | 4.5 |
| Trade, transportation, accommodation and food serving | 4.9 | 2.5 |
| Manufacturing | 4.4 | 3 |
| Real estate activities | 3.6 | 2.3 |
| Information and communication | 2.8 | 2 |
| Culture, recreation, other services | 2 | 1.2 |
| Public services, education and care | 1.1 | 0.8 |
| Water supply and waste management | 0.9 | 3.7 |
| Agriculture, forestry and fishing | 0.8 | 1.9 |
| Electricity and gas supply | -0.2 | 2.9 |
| Financial institutions | -1 | -0.5 |
| Mining and quarrying | -12.9 | -11.2 |
First estimate
The first estimate is conducted 45 days after the end of a quarter and is based on information available at that moment. CBS provides a first picture of the state of the Dutch economy. After the first estimate, new data are continually pouring in, which are used to make new calculations. The second estimate on economic growth will be released on Monday 26 March. 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.
With each new estimate, CBS also recalculates the new seasonally adjusted figures of previously published quarters. This recalculation has not resulted in an adjustment of the previous three quarters.
Sources
Related items
- Dossier - Business Cycle