Economic growth of 0.6 percent in Q4 2022

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.

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.

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.

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. 

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.