Netherlands GDP


Netherlands: GDP expands at steady but slow pace in Q3

November 13, 2015

In the third quarter of 2015, GDP increased 0.1% in seasonally-adjusted terms over the previous quarter, according to preliminary data released by Statistics Netherlands on 13 November. The reading matched Q2’s expansion but fell short of market expectations of a stronger 0.3% rise. According to Statistics Netherlands, Q3’s modest result reflects that weaker private consumption and fixed investment were slightly offset by rising public spending and an improving external sector.

In Q3, private consumption did not grow over the previous quarter, while it had recorded a 0.3% expansion in Q2. Fixed investment growth also slowed, dropping from Q2’s 3.0% rise to a weaker 0.3% expansion. Conversely, public spending sped up from flat growth in Q2 to a 0.4% increase in Q3.

On the external front, growth in exports of goods and services slowed from a 1.5% expansion in Q2 to a weaker 0.7% rise in Q3. Imports of goods and services dropped from Q2’s 3.2% increase to a smaller 1.1% expansion in Q3. As imports fell more than exports, the external sector’s net contribution to overall economic growth decreased from minus 1.0 percentage points in Q2 to minus 0.2 percentage points in Q3.

The economy grew 1.9% in Q3 over the same quarter last year, which was marginally up from Q2’s 1.8% expansion.

The government expects GDP to expand 2.0% in 2015 and sees growth speeding up to 2.4% in 2016. For 2015, FocusEconomics Consensus Forecast panelists see GDP growing 1.7%, which is unchanged from last month’s projection. For 2016, the panel expects the economy to expand 1.6%, which is also unchanged from last month’s Consensus.

Author: Teresa Kersting, Economist

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Netherlands GDP Chart

Netherlands GDP Q3 2015

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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