GDP growth rate 0.4 percent in Q2 2019

© Hollandse Hoogte / Peter Hilz
According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) showed 0.4 percent growth in Q2 2019 relative to Q1 2019. The second GDP estimate is published 90 days after the end of each quarter.

The growth rate has been adjusted downwards. In the first estimate, which was published on 14 August, the growth rate was 0.5 percent. Compared to the first estimate, the trade balance in particular has been revised downwards. Growth in Q2 2019 was mainly related to household consumption and investments in fixed assets.

GDP (volume), seasonally adjusted (2010=100)
yearquarterindex
2012Quarter 1100.8
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 4104.1
2016Quarter 1105.1
Quarter 2105.3
Quarter 3106.5
Quarter 4107.4
2017Quarter 1108
Quarter 2108.9
Quarter 3109.7
Quarter 4110.5
2018Quarter 1111.2
Quarter 2112
Quarter 3112.2
Quarter 4112.8
2019Quarter 1113.3
Quarter 2113.8

Second estimate

The second estimate is conducted 90 days after the end of each 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 on the sectors construction, business services, accommodation and food services, the public sector, the care sector and the financial sector. These data are subsequently incorporated into new calculations.

In absolute terms, the adjustment of the second estimate relative to the first estimate has averaged nearly 0.1 percentage point over the past half decade, with the two extremes ranging between - 0.1 and + 0.3 percentage points.

Quarter-on-quarter growth adjustment

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. As a result, the quarter-on-quarter growth in Q1 2019 has also been adjusted from 0.5 to 0.4 percent.

Growth relative to Q2 2018

Year-on-year, the GDP growth rate in Q2 was 1.8 percent. This was 2.0 percent in the first estimate.

GDP (volume) (year-on-year % change)
   mutatie
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 12.1
Quarter 22.3
Quarter 32.1
Quarter 42.2
2017Quarter 13.2
Quarter 23.1
Quarter 32.8
Quarter 42.6
2018Quarter 12.8
Quarter 23
Quarter 32.5
Quarter 42.2
2019Quarter 11.7
Quarter 21.8

42 thousand new jobs

The second estimate shows that the number of employee and self-employed jobs increased by 42 thousand in Q2 2019 compared to Q1 2019. The first estimate suggested an increase of 40 thousand jobs.

In Q2 2019, the second estimate suggested a growth of 201 thousand employee and self-employed jobs compared to the same quarter in 2018, versus 198 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available.

Total jobs (seasonally adjusted) (quarter-on-quarter change (1,000))
yearquarterchange
2012Quarter 1-4
Quarter 2-16
Quarter 3-31
Quarter 4-39
2013Quarter 1-52
Quarter 2-22
Quarter 3-10
Quarter 4-11
2014Quarter 1-12
Quarter 216
Quarter 320
Quarter 429
2015Quarter 139
Quarter 233
Quarter 334
Quarter 439
2016Quarter 116
Quarter 255
Quarter 343
Quarter 446
2017Quarter 153
Quarter 258
Quarter 371
Quarter 471
2018Quarter 171
Quarter 258
Quarter 355
Quarter 449
2019Quarter 148
Quarter 242

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