GDP growth rate remains 0.8 percent in Q4 2017

© Hollandse Hoogte
According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) showed 0.8 percent growth in Q4 2017 relative to Q3 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 February. Growth is mainly due to an increase in exports.

GDP, seasonally adjusted (2009=100)
 index
2011 I103.3
2011 II103.2
2011 III103.2
2011 IV102.4
2012 I102.3
2012 II102.3
2012 III101.9
2012 IV101.2
2013 I101.5
2013 II101.3
2013 III101.9
2013 IV102.5
2014 I102.3
2014 II102.9
2014 III103.3
2014 IV104.5
2015 I105.3
2015 II105.3
2015 III105.7
2015 IV106.1
2016 I106.9
2016 II107.2
2016 III108.3
2016 IV109
2017 I109.7
2017 II111.3
2017 III111.8
2017 IV112.7

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.

Growth Q1 2017 adjusted

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. When the second estimate for Q4 is carried out, the first three quarters are also adjusted on the basis of the most recent data. As a result, the quarter-on-quarter growth in Q1 2017 has been adjusted from 0.6 to 0.7 percent.

Growth relative to Q4 2016

Year-on-year, the GDP growth rate in Q4 was 2.9 percent, the same as in the first estimate. However, the growth rates for Q1 and Q2 have been adjusted upwards by 0.1 percentage point.

GDP (year on year %-change)
 change
2011 I3
2011 II2.2
2011 III1.6
2011 IV0.1
2012 I-1.2
2012 II-0.6
2012 III-1.3
2012 IV-1.1
2013 I-1.4
2013 II-1
2013 III0
2013 IV1.6
2014 I0.6
2014 II1.6
2014 III1.6
2014 IV1.9
2015 I2.7
2015 II2.1
2015 III2.4
2015 IV1.8
2016 I1.7
2016 II2.3
2016 III2.4
2016 IV2.4
2017 I3.3
2017 II3.4
2017 III3
2017 IV2.9

GDP 3.2 percent up in 2017

According to the second estimate, GDP was 3.2 percent up in 2017. In the first estimate, it was up by 3.1 percent.

63 thousand new jobs

The second estimate shows that the number of employee and self-employed jobs increased by 63 thousand in Q4 2017 compared to Q3 2017. The first estimate suggested an increase of 57 thousand jobs.

In Q4 2017, the second estimate suggested a growth of 229 thousand employee and self-employed jobs compared to the same quarter in 2016, versus 217 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available. Figures for the first three quarters of 2017 have also been adjusted on the basis of the most recent data.

Total jobs (seasonally adjusted) (Quarter-on-quarter change (x 1,000))
 change
2011 I56
2011 II49
2011 III9
2011 IV-7
2012 I2
2012 II-16
2012 III-34
2012 IV-42
2013 I-51
2013 II-18
2013 III-9
2013 IV-12
2014 I-15
2014 II18
2014 III20
2014 IV26
2015 I37
2015 II32
2015 III27
2015 IV22
2016 I-1
2016 II32
2016 III37
2016 IV56
2017 I63
2017 II52
2017 III55
2017 IV63

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