Economic growth of 0.6 percent in Q4 2022

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© CBS / Nikki van Toorn
According to the first quarterly estimate conducted by Statistics Netherlands (CBS) on the basis of currently available data, in Q4 2022 gross domestic product (GDP) increased by 0.6 percent relative to the previous quarter. In Q3, GDP fell by 0.2 percent. Growth in Q4 was broad-based, with trade balance and household consumption making the largest contributions.

At 0.6 percent, domestic economic growth was higher than in neighbouring European countries. The economies of France and Belgium grew by 0.1 percent, while the GDP of Germany – the largest economy in the EU – contracted by 0.2 percent. On average, growth in the EU stood at 0 percent. Furthermore, the UK economy remained the same in size, while that of the US grew by 0.7 percent.

With the release of data on Q4, the first annual growth rate over 2022 has become available as well. Last year, GDP was up by 4.5 percent on 2021. This was mainly due to increased household consumption and a higher trade balance.

GDP (volume), seasonally adjusted
YearQuarterIndex (2015=100)
2015Quarter 199.6
2015Quarter 299.9
2015Quarter 3100.2
2015Quarter 4100.3
2016Quarter 1101.2
2016Quarter 2101.4
2016Quarter 3102.6
2016Quarter 4103.4
2017Quarter 1104
2017Quarter 2104.9
2017Quarter 3105.6
2017Quarter 4106.4
2018Quarter 1106.9
2018Quarter 2107.6
2018Quarter 3107.8
2018Quarter 4108.3
2019Quarter 1109
2019Quarter 2109.5
2019Quarter 3109.9
2019Quarter 4110.4
2020Quarter 1108.7
2020Quarter 2100.1
2020Quarter 3106.5
2020Quarter 4106.4
2021Quarter 1106.5
2021Quarter 2110.4
2021Quarter 3112.4
2021Quarter 4113
2022Quarter 1113.4
2022Quarter 2116.2
2022Quarter 3116
2022Quarter 4116.7

All figures in this message are volume figures. This means that they have been adjusted for price changes.

Growing household consumption, exports and investments

Household consumption increased by 0.9 percent in Q4 2022 compared to Q3. Adjusted for price changes, consumers mainly spent more on services such as culture and recreation; accommodation and food services; and transportation and communication. Public consumption grew by 0.4 percent.

Investments in fixed assets increased by 0.5 percent in Q4. In particular, more investment was made in housing, buildings and infrastructure.

Exports of goods and services rose by 2.4 percent compared to Q3 2022. Imports of goods and services were up by 2.2 percent. On balance, the trade balance made a positive contribution to growth in Q4.

Expenditure (volume)
 2022-IV (quarter-on-quarter % change)2022-III (quarter-on-quarter % change)
Household consumption0.90.6
Fixed capital formation0.5-1.4
Government consumption0.4-0.4

Construction sector grew the fastest

In most sectors, value added (the difference between production and consumption of energy, materials and services) increased in Q4 2022 compared to Q3. Business services and construction contributed the most to growth in Q4. The value added of the construction sector increased the most of all sectors at 2.3 percent. Business services grew less rapidly at 0.9 percent, but made a bigger mark on the economy than construction.

Value added by sector (volume)
 2022-IV (quarter-on-quarter % change)2022-III (quarter-on-quarter % change)
Mining and quarrying2.24
Culture, recreation, other services20
Real estate activities1.30.5
Information and communication1.11.2
Business services0.91.5
Public services, education and care0.3-0.2
Trade, transportation, accommodation and food serving0.3-0.7
Electricity and gas supply-0.1-2.7
Agriculture, forestry and fishing-0.61.7
Financial institutions-1.7-1.5
Water supply and waste management-3.2-1

Economy 4.5 percent larger than in 2021

The economy grew by 3 percent in Q4 2022 compared to Q4 2021. With the Q4 figure being known, the first provisional growth figure for the year 2022 is also known. GDP grew by 4.5 percent last year. That is slightly less than in 2021, when the economy grew by 4.9 percent. It is the first time economic growth rates have reached this level in two consecutive years this century.

With an increase of 6.6 percent, household consumption contributed the most to growth in 2022. Consumers mainly spent more on services such as culture and recreation, accommodation and food services, and transport and communication. Investments in fixed assets were 3.1 percent higher than in 2021. Exports were 5.2 percent higher than in 2021. Exports of services grew in particular. Imports were 4.3 percent higher, so the trade balance made a positive contribution to economic growth. At 34 percent, the fastest growth was seen in culture, sports, recreation and other services.

In 2021, the economy was still weighed down by measures against the spread of coronavirus. From January to end of April 2021 and from 19 December 2021 to mid-January 2022, hard lockdowns were in place in the Netherlands. After that, society was gradually reopened and the last coronavirus measures expired in March 2022. 

GDP (volume)

First estimate

The first estimate is published 45 days after the end of a quarter and is conducted based on information available at that moment. It provides an initial picture of the state of the Dutch economy. After the first estimate, new data continue to pour in which are used to make new calculations. The second estimate on economic growth will be released on Friday 24 March. In absolute terms, the adjustment of the second estimate relative to the first estimate averaged nearly 0.09 percentage point over the five-year period 2017-2021, with the two extremes ranging between -0.3 and 0.7 percentage point, both occurring in 2021.

With each new estimate, CBS also determines the new seasonally adjusted figures on previously published quarters. The growth figures for Q1 and Q2 have been adjusted upwards by 0.1 percentage point.