Economic contraction 0.2 percent in Q3 2022

The increase in household consumption was adjusted from 0.1 to 0.5 percent. In addition, investments were revised slightly upward, from -1.7 to -1.6 percent. However, the decrease in public consumption was adjusted from -0.1 to -0.4 percent. On balance, the growth figure is equal to that of the first estimate. The overall picture has also not changed. Contraction was mainly due to less investment, mainly in dwellings and infrastructure.

Second estimate

The second estimate is conducted 85 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, the adjustment in the second estimate relative to the first estimate has averaged nearly 0.09 percentage points over the past five years (2017-2021), with the two extremes ranging between -0.3 and 0.7 percentage points, both occurring in 2021.

Quarter-on-quarter growth adjustment

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. This has not led to an adjustment of GDP growth in previous quarters.

Growth relative to Q3 2021

Year on year, GDP increased by 3.1 percent in Q3. In the first estimate, the increase also amounted to 3.1 percent. The overall picture has not changed. Growth was mainly due to a higher trade balance, more household consumption and larger investments.

53 thousand more jobs

The second estimate shows that the number of employee and self-employed jobs increased by 53 thousand in Q3 2022 compared to Q2 2022. The first estimate suggested an increase of 59 thousand jobs.

The second estimate for Q3 2022 further suggested a year-on-year increase of 375 thousand employee and self-employed jobs, versus 386 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available.