The Netherlands' GDP surged by 2.6% in Q2 2022: CBS

27 Sep '22

2 min read

Pic: Shutterstock/ MattiaATH

The Netherlands’ gross domestic product (GDP) grew by 2.6 per cent in the second quarter of 2022 (Q2 2022) relative to the first quarter of 2022 (Q1 2022), according to the second estimate conducted by government statistics agency Statistics Netherlands (CBS). In the first estimate, which was published on August 17, growth also amounted to 2.6 per cent.

Investments and public consumption contributed to an upward revision and trade balance to a downward revision of GDP growth. On balance, the growth figure is equal to that of the first estimate. Investments and the balance of trade (exports minus imports) contributed the most to economic growth. Household consumption also made a positive contribution.

In absolute terms, the adjustment in the second estimate relative to the first estimate has averaged nearly 0.09 percentage points over the past five years (2017-2021), with the two extremes ranging between -0.3 and 0.7 percentage points, both occurring in 2021, the CBS said.

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. As a result, the quarter-on-quarter GDP growth rate in Q1 2022 has been adjusted from 0.5 to 0.4 per cent.

Year on year, GDP increased by 5.1 per cent in Q2. In the first estimate, the increase amounted to 5.3 per cent.

The overall picture has not changed. Household consumption, the trade balance, and investments contributed to economic growth in particular.

Fibre2Fashion News Desk (NB)

More Textiles News - Netherlands...