Economic growth of 1.0 percent in Q2 2024

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© ANP / Peter Hilz
According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) increased by 1.0 percent in Q2 2024 relative to Q1 2024. According to the first estimate, published on 14 August, growth also was 1.0 percent. The second GDP estimate is always published around 85 days after the end of each quarter.

The overall picture has not changed. Growth in Q2 was mainly due to goods exports. Public consumption and investments also made a positive contribution. The increase in goods export was also related to the growth seen in the manufacturing sector.

GDP (volume), seasonally adjusted
YearQuarterIndex (2021=100)
2020Quarter 395
2020Quarter 495.4
2021Quarter 196.2
2021Quarter 299.9
2021Quarter 3101.8
2021Quarter 4102
2022Quarter 1103
2022Quarter 2105.7
2022Quarter 3105.7
2022Quarter 4105.6
2023Quarter 1105.4
2023Quarter 2105.2
2023Quarter 3104.8
2023Quarter 4105
2024Quarter 1104.7
2024Quarter 2105.8

Second estimate

The second estimate is conducted 85 days after the end of the quarter. The first estimate is calculated 45 days after the end of the quarter, and is based on the most recent data available at that point. Following the first estimate, new information about the state of the Dutch economy continues to pour in, including data on the construction sector, business services, hotels and restaurants, the public sector, the care sector and the financial sector. These data are added and new calculations are carried out.

On average, over the five-year period of 2019-2023, the difference between the final estimate and the first estimate was 0.1 percentage points in absolute terms, but ranged between -0.3 and 0.7 percentage points, both of which occurred in 2021.

Quarter-on-quarter growth adjustment

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

Growth compared to the second quarter of 2023

Year on year, GDP grew by 0.8 percent in Q2 2024. According to the first estimate too, growth was 0.8 percent. The overall picture did not change. The increase in exports and public consumption contributed the most to growth. Business services and the public sector were the sectors that contributed the most to economic growth compared to one year earlier.

GDP (volume)
YearQuarterIndex (year-on-year % change)
2020Quarter 3-3.3
2020Quarter 4-2.9
2021Quarter 1-1.1
2021Quarter 211.8
2021Quarter 37
2021Quarter 47.6
2022Quarter 16.9
2022Quarter 25.7
2022Quarter 33.7
2022Quarter 43.8
2023Quarter 11.9
2023Quarter 2-0.3
2023Quarter 3-0.7
2023Quarter 4-0.5
2024Quarter 1-0.6
2024Quarter 20.8

22 thousand new jobs

The second estimate shows that the number of people in employment or self-employment increased by 22 thousand in Q2 2024 compared to Q1 2024. According to the first estimate too, the increase was 22 thousand jobs.

The second estimate for Q2 2024 also suggested a year-on-year increase in the number of people in employment or self-employment of 142 thousand. That was 142 thousand according to the first estimate, too.

Total jobs (seasonally adjusted)
   change (quarter-on-quarter change (1,000))
2020Quarter 3170
2020Quarter 4-3
2021Quarter 110
2021Quarter 2144
2021Quarter 3169
2021Quarter 468
2022Quarter 1118
2022Quarter 2109
2022Quarter 379
2022Quarter 477
2023Quarter 142
2023Quarter 221
2023Quarter 331
2023Quarter 441
2024Quarter 134
2024Quarter 222