Economic growth of 0.6 percent in Q4 2022

Public consumption has been adjusted upwards. This is partly due to higher expenditure by municipalities. Household consumption has also been adjusted upwards. Households spent more on services such as accommodation and food services, recreation and culture. However, the trade balance for services has been adjusted downwards. Growth in Q4 was broad-based, with public consumption and household consumption making the largest contributions.

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 averaged nearly 0.09 percentage points over the five-year period 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. While conducting the second estimate for Q4, CBS also adjusts the first three quarters on the basis of the most recent data. As a result, the quarter-on-quarter GDP growth rate has been revised for Q1, Q2 and Q3: Q1 from 0.4 to 0.1 percent, Q2 from 2.5 to 2.7 percent and Q3 from -0.2 to 0.0 percent.

Growth relative to Q4 2021

Year on year, GDP increased by 3.2 percent in Q4. In the first estimate, the increase amounted to 3.0 percent. Household and public consumption have been adjusted upwards, while the trade balance has been adjusted downwards.

The growth rates for Q1, Q2 and Q3 have been adjusted as well: from 6.7 to 6.3 percent, from 5.1 to 5.2 percent and from 3.1 to 3.4 percent, respectively.

Dutch economy grew by 4.5 percent in 2022

Annual GDP growth for 2022 was 4.5 percent. In the first estimate, the growth rate also amounted to 4.5 percent. Growth over 2022 was mainly due to higher household consumption. The trade balance, investments and public consumption also contributed positively.

94 thousand new jobs

The second estimate shows that the number of employee and self-employed jobs increased by 94 thousand in Q4 2022 compared to Q3 2022. The first estimate suggested an increase of 85 thousand jobs.

The second estimate for Q4 2022 further suggested a year-on-year increase of 394 thousand employee and self-employed jobs, versus 380 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available. Figures for the first three quarters of 2022 have also been adjusted on the basis of the most recent data. Overall, the number of employee and self-employed jobs increased by 445 thousand on average in 2022.