Economic growth of 0.4 percent in Q1 2025

Economic growth was 0.3 percentage points higher than in the first estimate. This is mainly due to upward adjustments in the trade balance of goods and services and household consumption. This changed the economic picture. The increase in GDP in the first quarter of 2025 is mainly attributable to household consumption and a smaller reduction in inventories than in the previous quarter. In addition, public consumption and the trade balance made positive contributions.

Second estimate

The second estimate is conducted 85 days after the end of the quarter. The first estimate is calculated 30 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, accommodation and food services, the public sector, health and well-being and the financial services sector. These data are added and new calculations are performed.

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, but ranged between -0.4 and 0.7 percentage points, in 2024 and 2021 respectively.

Quarter-on-quarter growth adjustment

With each new estimate, CBS also recalculates the seasonally adjusted series for previously published quarters. For example, the quarter-on-quarter GDP growth rate for Q1 2024 has been revised from -0,1 percent to 0.1 percent, for Q3 2024 from 0.8 percent to 0.6 percent and for Q4 2024 from 0.3 to 0.5 percent.

Growth compared to Q1 2024

GDP grew by 2.2 percent in Q1 2025, year on year. According to the first estimate, growth was 2.0 percent. The upward adjustment is mainly due to the fact that household consumption and the trade balance were adjusted upwards. The overall picture hardly changed. The increase in the trade balance and public consumption contributed the most to growth. The contributions of the investments and household consumption were also positive.

Annual figures

The revised annual figures over 2023 (final) and 2024 (provisional) are published at the same time as the second estimate over Q1 2025. The economic growth rate for 2024 has been adjusted from 1.0 to 1.1 percent on the basis of the most recent data. The growth rate for 2023 has been adjusted from 0.1 to -0.6 percent.

Number of jobs falls by 2 thousand

The second estimate shows that the number of people in employment or self-employment decreased by 2 thousand in Q1 2025 compared to Q4 2024. According to the first estimate, the decrease was 14 thousand jobs.

The second estimate for Q1 2025 suggests a year-on-year increase in the number of people in employment or self-employment of 88 thousand. That was 86 thousand according to the first estimate.

Job figures are adjusted when additional information becomes available.