Imports G&S in Netherlands
Netherlands - Imports Goods and Services
GDP contracts in the third quarter
According to the first quarterly estimate, GDP dropped 0.2% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting the 2.4% expansion recorded in the second quarter. Q3's reading was the worst since Q2 2020.
The downturn was broad-based, with private consumption, public spending, fixed investment and exports all weakening. Private consumption growth fell to 0.1% in Q3 (Q2: +0.8% s.a. qoq). Public consumption dropped 0.1% in Q3 (Q2: +0.1% s.a. qoq). Meanwhile, fixed investment plunged at the steepest rate in over two years, contracting 1.7% in the third quarter (Q2: +5.0% s.a. qoq).
On the external front, exports of goods and services growth moderated to 0.9% in Q3 (Q2: +3.1% s.a. qoq). In addition, imports of goods and services growth slowed to 1.0% in Q3 (Q2: +2.2% s.a. qoq).
On an annual basis, economic growth slowed markedly to 3.1% in Q3, from the previous quarter's 5.1% expansion. Q3's reading marked the slowest growth since Q1 2021.
Looking to Q4, activity is set to contract further in qoq terms. That said, private consumption should have received support from lower energy bills as of November, following the government’s agreement with energy suppliers.
On the outlook, ING analysts commented:
“The third-quarter figure for GDP is the start of a mild technical recession that we projected for the Dutch economy. We see sentiment indicators based on surveys declining further, in line with a weakening global business cycle. […] Still, the situation is one of high capacity utilisation. Staff shortages are still the key factor limiting production and sales for the majority of businesses […] The economy is at a turning point of worsening momentum from a high level, and there is no reason for us to project a long and deep recession.”
FocusEconomics Consensus Forecast panelists see theeconomy expanding 0.4% in 2023, which is down 0.3 percentage pointsfrom last month’s forecast, and 1.7% in 2024.
Netherlands - Imports G&S Data
|Imports (G&S, annual variation in %)||14.5||-2.0||6.2||3.3||3.1|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||-0.06||5.70 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 20, 2023
Consumer confidence rose to minus 49.0 in January from December's minus 52.0.
January 10, 2023
Harmonized inflation ticked down to 11.0% in December, following November’s 11.3%.
January 2, 2023
The NEVI Manufacturing Purchasing Managers’ Index (PMI), produced by S&P Global, increased to 48.6 in December from 46.0 in November.
December 30, 2022
Business confidence rose to 3.3 in December from November's 3.0.
December 20, 2022
Consumer confidence rose to minus 52.0 in December from November's minus 57.0.