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
yearquarterindex (2010=100)
2012Quarter 1100.8
2012Quarter 2100.9
2012Quarter 3100.5
2012Quarter 499.8
2013Quarter 1100.1
2013Quarter 299.9
2013Quarter 3100.5
2013Quarter 4101.1
2014Quarter 1101
2014Quarter 2101.6
2014Quarter 3101.9
2014Quarter 4102.8
2015Quarter 1103.4
2015Quarter 2103.7
2015Quarter 3104.1
2015Quarter 4104.1
2016Quarter 1105.1
2016Quarter 2105.3
2016Quarter 3106.5
2016Quarter 4107.4
2017Quarter 1108
2017Quarter 2108.9
2017Quarter 3109.7
2017Quarter 4110.5
2018Quarter 1111.2
2018Quarter 2112
2018Quarter 3112.2
2018Quarter 4112.8
2019Quarter 1113.3
2019Quarter 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)
   mutatie (year-on-year % change)
2012Quarter 1-1.1
2012Quarter 2-0.6
2012Quarter 3-1.2
2012Quarter 4-1.2
2013Quarter 1-1.7
2013Quarter 2-0.5
2013Quarter 30.3
2013Quarter 41.4
2014Quarter 11.3
2014Quarter 21.4
2014Quarter 31.1
2014Quarter 41.8
2015Quarter 11.9
2015Quarter 22.1
2015Quarter 32.5
2015Quarter 41.4
2016Quarter 12.1
2016Quarter 22.3
2016Quarter 32.1
2016Quarter 42.2
2017Quarter 13.2
2017Quarter 23.1
2017Quarter 32.8
2017Quarter 42.6
2018Quarter 12.8
2018Quarter 23
2018Quarter 32.5
2018Quarter 42.2
2019Quarter 11.7
2019Quarter 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)
yearquarterchange (quarter-on-quarter change (1,000))
2012Quarter 1-4
2012Quarter 2-16
2012Quarter 3-31
2012Quarter 4-39
2013Quarter 1-52
2013Quarter 2-22
2013Quarter 3-10
2013Quarter 4-11
2014Quarter 1-12
2014Quarter 216
2014Quarter 320
2014Quarter 429
2015Quarter 139
2015Quarter 233
2015Quarter 334
2015Quarter 439
2016Quarter 116
2016Quarter 255
2016Quarter 343
2016Quarter 446
2017Quarter 153
2017Quarter 258
2017Quarter 371
2017Quarter 471
2018Quarter 171
2018Quarter 258
2018Quarter 355
2018Quarter 449
2019Quarter 148
2019Quarter 242

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