Dutch economy grows fractionally in second quarter of 2025

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

Investments and public consumption rise

Investment in fixed assets rose by 1.5 percent, compared with Q1. Investment in transport equipment, such as ships and aviation, was higher in particular. Investment in construction fell, by contrast. Public consumption rose by 0.8 percent in Q2 2025, over Q1 2025.

Household consumption fell by 0.4 percent in the Q2 2025 compared to the previous quarter. Households spent less on accommodation and food services, clothes and recreation, among other things. Exports of goods and services rose by 0.9 percent over Q1 2025, while imports of goods and services rose even more, by 2.6 percent. This led to a reduction in the trade surplus.

Business services and the public sector made the most positive contribution to growth

In Q2 2025, value added (the difference between the production and consumption of energy, materials and services) grew in most sectors. Value added increased the most in the mining and quarrying sector, at 12.4 percent. Although value added in the business services sector and in manufacturing grew less strongly at 1.0 and 1.2 percent respectively, these sectors made the largest contribution to economic growth due to their size. On the other hand, value added in construction, trade, accommodation and food services, transportation and storage and financial institutions declined, which depressed growth.

Economy 1.5 percent larger, year on year

Year on year, the GDP of the Netherlands grew by 1.5 percent in Q2 2025. Public consumption, investments and household consumption contributed the most to this growth. Public consumption was 2.8 percent higher, and household consumption was 1.0 percent higher. Investments were 2.5 percent higher in Q2, year on year. Exports were up by 2.2 percent, while imports rose more strongly at 3.7 percent. This led to a lower trade surplus, year on year.

Among the sectors, manufacturing, the public sector and trade, accommodation and food services, transportation and storage contributed the most to economic growth compared to Q2 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 Tuesday 23 September.

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. This may lead to adjustments to growth figures from previous quarters. For example, the growth figure for Q1 2025 has been adjusted from 0.4 to 0.3 percent.