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 2014 to 2023.
Source: Macrobond.
Netherlands GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 2.3 | -3.9 | 6.3 | 5.0 | 0.1 |
GDP (EUR bn) | 830 | 816 | 892 | 994 | 1,068 |
Economic Growth (Nominal GDP, ann. var. %) | 5.4 | -1.6 | 9.2 | 11.5 | 7.4 |
GDP swings into contraction in the first quarter
GDP dropped 0.1% on a seasonally adjusted quarter-on-quarter basis in the first quarter, contrasting the 0.3% expansion logged in the fourth quarter of last year. The figure fell short of market expectations. On an annual basis, GDP dropped 0.7% in Q1, following the previous period's 0.4% contraction.
Private consumption growth moderated to 0.7% in seasonally adjusted quarter-on-quarter terms in Q1 from a 2.0% expansion in Q4 2023. Government consumption growth, meanwhile, was unchanged at Q4’s 0.6% in Q1. More positively, fixed investment rebounded, growing 0.4% in Q1 from the 1.7% contraction recorded in the previous quarter. On the external front, growth in exports of goods and services was unchanged from Q4 at 0.1% in Q1. Conversely, imports of goods and services flatlined in Q1 (Q4 2023: +0.2% s.a. qoq).
ING’s Marcel Klok commented on the outlook: “While we still expect private investment to remain a drag on growth in the future, we forecast trade developments to improve. This should cause the return of Dutch export growth in the current quarter. At the same time, household consumption is expected to continue to be one of the main drivers for GDP, as nominal income developments are expected to outpace inflation by a few percentage points. Also, public consumption is likely to remain one of the main contributions to the expansion.”
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 24 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.
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