Public consumption and investments also made a positive contribution.

The economy was 0.8 per cent larger year on year in Q2 2024. The increase in exports and public consumption contributed the most to the growth.

The increase in export of goods is also related to the growth in the manufacturing sector.

In Q2 2024, exports of goods and services grew by 1.3 per cent QoQ; such imports rose less rapidly by 0.4 per cent QoQ. The trade balance made the largest contribution to economic growth in Q2.

Public consumption grew by 1 per cent and investments in fixed assets increased by 0.4 per cent in Q2 2024, a CBS release said.

In Q2 2024, value added, i.e., the difference between the production and consumption of energy, materials and services, of manufacturing grew the most QoQ, at 3.3 per cent. However, in Q1, added value fell by the same percentage.

Compared to a year earlier, the added value in the manufacturing sector was 0.6 per cent lower in Q2.

Following a low point in mid-2020, economic growth saw a strong recovery and the Dutch economy grew continuously until mid-2022.

Then followed almost two years of economic stagnation. However, the Dutch GDP was slightly larger in Q2 2024 than it was in Q2 2022.

Fibre2Fashion News Desk (DS)