GDP growth rate 0.2 percent in Q3 2018

© Hollandse Hoogte / Peter Hilz
According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) grew by 0.2 percent in Q3 2018 relative to Q2 2018. The second GDP estimate is published approximately 90 days after the end of the quarter. GDP has grown continually over the past 18 quarters.

The growth rate is the same as in the first estimate, which was published on 14 November. Compared to the first estimate, household consumption was adjusted downwards and investments upwards. The export surplus was adjusted downwards.

GDP (volume), seasonally adjusted (2010=100)
   index
2011Quarter 1101.8
Quarter 2101.7
Quarter 3101.7
Quarter 4101
2012Quarter 1100.9
Quarter 2100.9
Quarter 3100.5
Quarter 499.8
2013Quarter 1100.1
Quarter 299.9
Quarter 3100.5
Quarter 4101.1
2014Quarter 1101
Quarter 2101.6
Quarter 3101.9
Quarter 4102.8
2015Quarter 1103.4
Quarter 2103.7
Quarter 3104.1
Quarter 4104.2
2016Quarter 1105.2
Quarter 2105.4
Quarter 3106.5
Quarter 4107.3
2017Quarter 1107.8
Quarter 2108.8
Quarter 3109.6
Quarter 4110.6
2018Quarter 1111.2
Quarter 2111.9
Quarter 3112.1

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 + 0.3 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 has not resulted in adjustments of quarter-on-quarter growth in the previous quarters.

Growth relative to Q3 2017

Year-on-year, the economic growth rate in Q3 was 2.4 percent. The first estimate also resulted in a growth rate of 2.4 percent.

GDP (volume) (year-on-year % change)
   mutatie
2011Quarter 12.8
Quarter 22.1
Quarter 31.4
Quarter 40
2012Quarter 1-1.1
Quarter 2-0.6
Quarter 3-1.2
Quarter 4-1.2
2013Quarter 1-1.7
Quarter 2-0.5
Quarter 30.3
Quarter 41.4
2014Quarter 11.3
Quarter 21.4
Quarter 31.1
Quarter 41.8
2015Quarter 11.9
Quarter 22.1
Quarter 32.5
Quarter 41.4
2016Quarter 12.3
Quarter 22.4
Quarter 32.1
Quarter 42
2017Quarter 13
Quarter 22.9
Quarter 32.8
Quarter 42.7
2018Quarter 12.8
Quarter 23.1
Quarter 32.4

56 thousand new jobs

The second estimate shows that the number of employee and self-employed jobs increased by 56 thousand in Q3 2018 compared to Q2 2018. The first estimate suggested an increase of 60 thousand jobs.

Year-on-year, the number of employee and self-employed jobs grew by 268 thousand according to the second estimate over Q3, versus 271 thousand according to the first estimate.

Total jobs (seasonally adjusted) (quarter-on-quarter change (1,000))
   mutatie
2011Quarter 156
Quarter 245
Quarter 312
Quarter 4-4
2012Quarter 1-3
Quarter 2-16
Quarter 3-31
Quarter 4-39
2013Quarter 1-51
Quarter 2-21
Quarter 3-10
Quarter 4-10
2014Quarter 1-12
Quarter 215
Quarter 316
Quarter 429
2015Quarter 144
Quarter 234
Quarter 330
Quarter 426
2016Quarter 1-5
Quarter 237
Quarter 337
Quarter 449
2017Quarter 153
Quarter 257
Quarter 362
Quarter 472
2018Quarter 167
Quarter 257
Quarter 356

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