Dutch economy grows by 0.1 percent in Q1 2026

According to the first estimate from Statistics Netherlands (CBS), based on the data currently available, gross domestic product (GDP) increased by 0.1 percent in Q1 2026, relative to the previous quarter. In Q4 2025, the economy grew by 0.4 percent. Public consumption, investment and changes in inventories made a positive contribution to growth, but exports made a negative contribution.

All figures used in this news article are volume figures. This means that they have been adjusted for price changes.

Investment and public consumption are rising the fastest

Investments in fixed assets rose by 0.7 percent compared to the fourth quarter of 2025. That was mainly due to increased investment in aircraft and machinery. Public consumption increased by 0.5 percent. The government spent more on healthcare and on wages. Household consumption remained the same as in the fourth quarter. They spent more on clothing and food, but less on transport equipment and fuels.

Exports of goods and services fell by 0.6 percent in Q1 2026 compared to Q4 2025. This is because exports of goods decreased by 1.2 percent. Fewer machinery and transport equipment were exported, in particular. However, exports of services increased by 0.8 percent. Imports of goods and services remained the same as in the previous quarter. As a result, the trade balance (exports – imports) contributed negatively to growth in the first quarter of 2026.

The public sector and financial institutions contributed the most to growth

In Q1 2026, value added (the difference between production and the consumption of energy, materials and services) grew the most among financial institutions, at 2.1 percent. Although the value added of the public sector grew less strongly, by 0.6 percent. This sector, together with financial institutions, contributed the most to economic growth. Manufacturing and business services contributed the most negatively to GDP growth.

Dutch economy 1.2 percent larger, year on year

Year on year, the GDP of the Netherlands grew by 1.2 percent in Q1 2026. Changes in inventories and public consumption contributed the most to this growth.

Public consumption was 2.7 percent higher, while household consumption was 0.6 percent higher. Investments grew by 1.5 percent. The increase in exports was 1.4 percent, while imports grew more strongly at 2.3 percent. As a result, the trade balance contributed negatively to year-on-year growth.

Among the sectors, the public sector and the sector trade, accommodation and food services, transportation and storage made the largest contributions to economic growth compared to the first quarter of 2025.

First estimate

The first estimate of GDP growth is published 30 days after the end of a quarter and is based on the information available at that moment. It provides an initial picture of the state of the Dutch economy. After the first estimate, new data is collected, which is used to make new calculations. The second estimate of economic growth in Q4 2024 will be released on Wednesday 24 June.
On average, over the five-year period of 2021-2025, the difference between the final estimate and the first estimate was 0.2 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. The growth figure for Q4 2025 has been adjusted from 0.5 to 0.4 percent and the figure for Q1 2025 has been adjusted from 0.3 to 0.4 percent. The two intermediate quarters have not been adjusted.