The recent data also sheds light on the annual economic performance, revealing a marginal growth of 0.1 per cent for the entirety of 2023 when compared to the year prior. This growth was largely fuelled by heightened public consumption.

A notable surge in household consumption was observed in Q4 2023, with a 1.8 per cent rise from the third quarter (Q3). After adjusting for price changes, it was found that consumers spent considerably more on durable goods among other items, as per CBS.

The period also saw exports and imports of goods and services both ascend by 0.3 per cent relative to Q3 2023, although their overall contribution to GDP growth remained modest.

Further insights into the sector-specific performance revealed a 1.3 per cent growth in value added within the manufacturing sector.

Comparatively, the Netherlands outperformed the average economic growth of the 27 European Union countries, which stagnated at 0.0 per cent. Neighbouring Belgium recorded a 0.4 per cent growth, while France's economy remained static. Germany, the EU's largest economy, experienced a contraction of 0.3 per cent. Across the Atlantic, the US reported a more robust quarterly economic growth of 0.8 per cent in Q4.

On a YoY basis, the Dutch GDP witnessed a 0.5 per cent contraction in Q4 2023. However, the overall annual increase of 0.1 per cent in 2023 follows two years of significant growth, with 6.2 per cent in 2021 and 4.3 per cent in 2022.

The primary driver of economic growth in 2023 was public consumption, which surged by 3 per cent. Household consumption also contributed positively with a growth of 0.4 per cent. However, the trade balance detracted from overall growth, as exports dipped by 1.3 per cent compared to 2022, and imports decreased by 0.8 per cent.

Fibre2Fashion News Desk (DP)