Economic Growth in Netherlands
The Netherlands recorded an average growth rate of 1.9% in real GDP in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, the real GDP growth was 4.3%. For more GDP information, visit our dedicated page.
Netherlands GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Netherlands from 2013 to 2022.
Source: Statistics Netherlands.
Netherlands GDP Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.4 | 2.0 | -3.9 | 6.2 | 4.3 |
| GDP (EUR bn) | 774 | 813 | 797 | 871 | 959 |
| Economic Growth (Nominal GDP, ann. var. %) | 4.9 | 5.0 | -2.0 | 9.3 | 10.1 |
GDP contracts for third straight quarter in Q3
The economy contracted 0.2% on a seasonally adjusted quarter-on-quarter basis in Q3, improving from a 0.4% contraction in the second quarter but marking the third fall in a row. On an annual basis, GDP contracted 0.6%, compared with the previous period's 0.2% contraction.
Household spending was flat in the quarter (Q2 2023: -1.7% s.a. qoq). Government spending expanded by 0.6% (Q2 2023: +0.8% s.a. qoq). Meanwhile, fixed investment contracted by 1.8% in Q3, down from the 0.3% increase logged in the prior quarter. Exports of goods and services contracted by 1.6% on a seasonally adjusted quarterly basis in Q3, following a 1.2% fall in Q2. Additionally, the growth in imports of goods and services deteriorated, contracting by 2.3% in Q3 (Q2 2023: -0.3% s.a. qoq). Overall, given the reduction in imports, the net contribution of the trade balance was positive. On a sectorial level, the contraction was mainly driven by declines in the energy and recreation sectors. Meanwhile, while manufacturing stagnated, mining and quarrying expanded strongly.
On the outlook for the economy, ING’s Marcel Klok commented: “These third quarter figures don’t call for a big revision of our outlook. Despite the negative number for 3Q23, we do expect a bit of growth to return in the fourth quarter. […] That said, GDP growth is expected to remain below potential. We particularly expect the negative trend in investment to continue, given the weakness in the global business cycle and higher financing costs.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Dutch GDP projections for the next ten years from a panel of 21 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Dutch GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Dutch GDP projections.
Want to get access to the full dataset of Dutch GDP forecasts? Send an email to info@focus-economics.com.