The Netherlands stayed far away from an economic recession in the first half of the year. In the second quarter, growth even accelerated to 2.6%, far above economists’ expectations.
In the first three months, gross domestic product (GDP) was 0.5% above that of the previous quarter. This is a slight adjustment of the 0.4% calculated by Statistics Netherlands (CBS) in June for the first quarter.
Statistics Netherlands attributes the windfall for the second quarter in the first place to good trade figures and a strong investment drive. Investments rose by more than 5%. Exports were 2.7% and imports 1.6% higher than in the months of January to March.
Economists had anticipated an increase in GDP, but the highest estimates did not exceed 1%. Some took into account a plus of no more than a few tenths of a percent.
Many macroeconomists do assume that growth could stall or turn negative in the third quarter and certainly in the fourth quarter, which would mean a recession in the second half of the year if both quarters contract.
Families keep spending
The sharply accelerating inflation has not yet hit household spending hard, according to Statistics Netherlands on Wednesday. Households spent 0.9% more than in the first quarter. Government consumption barely grew.
The hotel and catering industry, the transport sector and trade performed best in the second quarter. Business service providers and the sectors of culture, sport and recreation also enjoyed a good period.
More than 5% higher than the year before
Compared to the second quarter of 2021, GDP was 5.3% higher.
The Netherlands fared much better than the other euro countries in the second quarter. According to initial calculations, Germany, by far the most important trading partner of the Netherlands, saw growth come to a complete standstill compared to the first quarter.
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The Netherlands stayed far away from an economic recession in the first half of the year. In the second quarter, growth even accelerated to 2.6%, far above economists’ expectations.
In the first three months, gross domestic product (GDP) was 0.5% above that of the previous quarter. This is a slight adjustment of the 0.4% calculated by Statistics Netherlands (CBS) in June for the first quarter.
Statistics Netherlands attributes the windfall for the second quarter in the first place to good trade figures and a strong investment drive. Investments rose by more than 5%. Exports were 2.7% and imports 1.6% higher than in the months of January to March.
Economists had anticipated an increase in GDP, but the highest estimates did not exceed 1%. Some took into account a plus of no more than a few tenths of a percent.
Many macroeconomists do assume that growth could stall or turn negative in the third quarter and certainly in the fourth quarter, which would mean a recession in the second half of the year if both quarters contract.
Families keep spending
The sharply accelerating inflation has not yet hit household spending hard, according to Statistics Netherlands on Wednesday. Households spent 0.9% more than in the first quarter. Government consumption barely grew.
The hotel and catering industry, the transport sector and trade performed best in the second quarter. Business service providers and the sectors of culture, sport and recreation also enjoyed a good period.
More than 5% higher than the year before
Compared to the second quarter of 2021, GDP was 5.3% higher.
The Netherlands fared much better than the other euro countries in the second quarter. According to initial calculations, Germany, by far the most important trading partner of the Netherlands, saw growth come to a complete standstill compared to the first quarter.