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
2011 Quarter 1101.8
2011 Quarter 2101.7
2011 Quarter 3101.7
2011 Quarter 4101
2012 Quarter 1100.9
2012 Quarter 2100.9
2012 Quarter 3100.5
2012 Quarter 499.8
2013 Quarter 1100.1
2013 Quarter 299.9
2013 Quarter 3100.5
2013 Quarter 4101.1
2014 Quarter 1101
2014 Quarter 2101.6
2014 Quarter 3101.9
2014 Quarter 4102.8
2015 Quarter 1103.4
2015 Quarter 2103.7
2015 Quarter 3104.1
2015 Quarter 4104.2
2016 Quarter 1105.2
2016 Quarter 2105.4
2016 Quarter 3106.5
2016 Quarter 4107.3
2017 Quarter 1107.8
2017 Quarter 2108.8
2017 Quarter 3109.6
2017 Quarter 4110.6
2018 Quarter 1111.2
2018 Quarter 2111.9
2018 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
2011 Quarter 12.8
2011 Quarter 22.1
2011 Quarter 31.4
2011 Quarter 40
2012 Quarter 1-1.1
2012 Quarter 2-0.6
2012 Quarter 3-1.2
2012 Quarter 4-1.2
2013 Quarter 1-1.7
2013 Quarter 2-0.5
2013 Quarter 30.3
2013 Quarter 41.4
2014 Quarter 11.3
2014 Quarter 21.4
2014 Quarter 31.1
2014 Quarter 41.8
2015 Quarter 11.9
2015 Quarter 22.1
2015 Quarter 32.5
2015 Quarter 41.4
2016 Quarter 12.3
2016 Quarter 22.4
2016 Quarter 32.1
2016 Quarter 42
2017 Quarter 13
2017 Quarter 22.9
2017 Quarter 32.8
2017 Quarter 42.7
2018 Quarter 12.8
2018 Quarter 23.1
2018 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
2011 Quarter 156
2011 Quarter 245
2011 Quarter 312
2011 Quarter 4-4
2012 Quarter 1-3
2012 Quarter 2-16
2012 Quarter 3-31
2012 Quarter 4-39
2013 Quarter 1-51
2013 Quarter 2-21
2013 Quarter 3-10
2013 Quarter 4-10
2014 Quarter 1-12
2014 Quarter 215
2014 Quarter 316
2014 Quarter 429
2015 Quarter 144
2015 Quarter 234
2015 Quarter 330
2015 Quarter 426
2016 Quarter 1-5
2016 Quarter 237
2016 Quarter 337
2016 Quarter 449
2017 Quarter 153
2017 Quarter 257
2017 Quarter 362
2017 Quarter 472
2018 Quarter 167
2018 Quarter 257
2018 Quarter 356

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