Netherlands GDP


Netherlands: GDP growth swings back to expansion in Q2, backed by the external sector

August 14, 2014

In the second quarter, GDP increased 0.6% in seasonally-adjusted terms over the previous quarter, according to the first estimate released by Statistics Netherlands on 14 August. The reading was broadly in line with market expectations of a 0.5% expansion and marked a significant improvement over the 0.4% contraction recorded in Q1. According to Statistics Netherlands, the external sector largely accounted for Q2’s expansion.

On the domestic side, gross fixed investment fell 3.1% over the previous quarter (Q1: -1.7% quarter-on-quarter). Private consumption rose 0.2% in the second quarter (Q1: -0.7% qoq), while government consumption swung from the 0.9% expansion recorded in the first quarter to a 0.2% contraction in the second.

On the external front, exports of goods and services edged down from a 1.1% expansion in Q1 to a 0.6% increase in Q2. Imports of goods and services declined from 1.2% growth in Q1 to a 1.1% drop in Q2. Consequently, the external sector’s net contribution to overall economic growth rose from 0.0 percentage points in Q1 to 1.2 percentage points in Q2.

The Dutch Central Bank expects GDP to expand 0.5% in 2014 and sees growth picking up to 0.9% 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 0

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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