Netherlands GDP


Netherlands: Economy rebounds in second quarter

September 25, 2014

In the second quarter, GDP grew 0.7% over the previous quarter in seasonally-adjusted terms, according to the second estimate released by Statistics Netherlands on 24 September. The reading came in above the 0.5% rise that had been reported in the first estimate on 14 August and that market had analysts expected. The reading contrasted Q1’s 0.3% contraction and represents the fastest pace of expansion since Q1 2011.

Q2’s expansion was mainly driven by a better performance of the external sector. On the domestic side, total consumption rebounded to 0.1% growth in Q2 (Q1: -0.2% quarter-on-quarter). Private consumption rebounded from Q1’s 0.8% drop to a 0.4% rise in Q2 while government consumption swung from the 0.9% rise tallied in the previous quarter to a 0.3% contraction in Q2. Gross fixed investment deteriorated further, falling 2.6% over the previous quarter (Q1: -1.7% quarter-on-quarter).

On the external front, exports of goods and services rose from a 1.2% expansion in Q1 to a 1.6% increase in Q2. Imports of goods and services declined from 1.4% growth in Q1 to a 0.3% rise in Q2. Consequently, the external sector’s net contribution to overall economic growth rose from 0.0 percentage points in Q1 to 1.1 percentage points in Q2.

The government expects GDP to expand 0.75% in 2014 and sees growth picking up to 1.25% in 2015. For 2014, FocusEconomics Consensus Forecast panelists see GDP growing 0.5%, which is unchanged from last month’s projection. For 2015, the panel expects the economy to expand 1.4%.

Author: Teresa Kersting, Economist

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Netherlands GDP Chart

Netherlands GDP Q2 2014

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Statistics Netherlands (CBS) and FocusEconomics Consensus Forecast.

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