Dutch economy barely grows in first quarter of 2025

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

Public consumption rises, smaller reduction in inventory

Public consumption rose by 0.5 percent in Q1 2025. As in previous quarters, the government spent more on health care and the number of civil servants grew. In addition, inventory reduction was smaller than in the previous quarter. For example, the use of stored natural gas in the first quarter was lower than in the previous quarter.

However, household consumption fell by 0.2 percent in the first quarter of 2025 compared to the fourth quarter. Households spent less on food, beverages and transport, among other things.
Furthermore, investment in fixed assets fell by 2.2 percent. Investment in passenger cars and vans declined, in particular. This decrease coincided with the introduction of tax changes on 1 January 2025 and changes to rules on environmental zones in a number of cities in the Netherlands. Investment in passenger cars and vans had risen significantly in the last few months of 2024 (prior to these changes) .

Exports of goods and services fell by 0.8 percent in the first quarter of 2025 compared to the fourth quarter of 2024. Exports of industrial goods declined, in particular. Imports of goods and services fell by 0.1 percent less than exports, which led to a reduction in the trade surplus.

The public sector made the most positive contribution to growth

In Q1 2025, value added (the difference between production and the consumption of energy, materials and services) grew in most sectors. Value added increased by the most in the energy sector, at 5.8 percent. Although value added in the public sector grew less strongly at 0.5 percent, this sector made the largest contribution to economic growth in the first quarter due to its weight. This was followed by the energy sector. However, value added in mining, agriculture and fisheries, business services and industry declined, which depressed growth.

Economy 2 percent larger, year on year

Year on year, the GDP of the Netherlands grew by 2.0 percent in Q1 2025. Public consumption and the trade balance contributed to this growth the most. Public consumption was 2.8 percent higher, and household consumption was 0.6 percent higher. Investments were 1.5 percent higher in the first quarter, year on year. Exports were up by 0.9 percent, while imports rose less strongly at 0.6 percent.

Among the sectors, manufacturing and the public sector made the largest contributions to economic growth compared to the first quarter of 2024.

First estimate

The first estimate is published 30 days after the end of a quarter and is based on the information available at that point in time. It provides an initial picture of the state of the Dutch economy. After the first estimate, new data continues to be collected and is used to make new calculations. The second estimate of economic growth in Q4 2024 will be released on Wednesday 26 March.
On average, over the five-year period of 2020-2024, the difference between the final estimate and the first estimate was 0.1 percentage points in absolute terms, with the two extremes ranging between -0.4 and 0.7 percentage point, in 2024 and 2021 respectively.

With each new estimate, CBS also determines the new seasonally adjusted figures for previously published quarters. For example, the growth figure for Q4 2024 has been adjusted from 0.4 to 0.3 percent and the figure for Q1 2024 has been adjusted from -0.2 to -0.1 percent.