A river under the bridge in the Netherlands

Netherlands GDP Q2 2023

Netherlands: GDP growth improves in Q2

According to a revised reading, the economy contracted 0.2% on a seasonally adjusted quarter-on-quarter basis in Q2 (preliminary estimate: 0.3% s.a. qoq), up from a 0.4% contraction in the first quarter. On an annual basis, GDP also contracted 0.2%, contrasting the previous period’s 1.9% expansion.

Household spending contracted 1.6% in Q2 (Q1 2023: -0.2% s.a. qoq), marking the worst result since Q1 2021. Government spending expanded 0.8% (Q1 2023: +0.4% s.a. qoq). Meanwhile, fixed investment growth fell to 0.8% in Q2, from the 2.7% increase logged in the prior quarter.

Exports of goods and services contracted 0.8% on a seasonally adjusted quarterly basis in Q2, which contrasted Q1’s 0.2% expansion. In addition, imports of goods and services growth deteriorated, falling to 0.3% in Q2 (Q1 2023: +0.4% s.a. qoq).

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