According to Statistics Netherlands (CBS), the Dutch economy contracted by 0.5 percent in the first quarter of 2024 compared to the previous quarter. This was a slightly larger contraction than initially reported, when the economy was said to have shrunk by 0.4 percent. The first calculations are made 45 days after the end of a quarter, while the second calculation comes approximately 85 days after the quarter’s end with more complete data. CBS noted that the economic picture has not changed despite the revision.
The decline in GDP in the first quarter was mainly attributed to lower exports, which were linked to a decrease in the industry. The new calculation also took into account recently implemented revisions of the annual accounts in line with European Commission recommendations. CBS incorporated new sources and methods to ensure alignment with underlying statistics and international guidelines.
Following the revision, CBS adjusted previous economic growth figures. The growth in Q4 of 2023 was revised to 0.1 percent instead of 0.3 percent, while Q3 saw a contraction of 0.4 percent, not 0.3 percent. The second quarter showed no change in the economy, as opposed to the 0.4 percent contraction reported. The first quarter of 2023 had a contraction of 0.3 percent, not 0.4 percent as initially reported.
Compared to Q1 of 2023, the Dutch economy contracted by 0.6 percent in the first quarter of 2024, which was an upward adjustment from the initial estimate of 0.7 percent. CBS attributed this adjustment to the trade balance but noted that the overall economic picture remained the same. The decline in the trade balance and investments were key contributors to the contraction.
In terms of job growth, the second calculation showed that there were 39,000 more working people in the first quarter of 2024 compared to the fourth quarter of 2023. This was slightly lower than the initial report of 42,000 more jobs. Compared to the first quarter of 2023, the number of employee and self-employed jobs increased by 122,000, which was an upward adjustment from the initial report of 117,000.