According to the first quarterly estimate conducted by Statistics Netherlands (CBS) on the basis of currently available data, in Q3 2022 gross domestic product (GDP) decreased by 0.2 percent relative to the previous quarter.
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This was due to less investment, mainly in dwellings and in infrastructure.
In Q3 2022, investments fell by 1.7 percent. Public consumption decreased slightly, while households spent 0.1 percent more than in the previous quarter. Exports and imports of goods and services increased by 0.9 and 1.0 percent, respectively.
Particularly financial institutions, the sector trade, transportation and accommodation and the construction sector made negative contributions to quarter-on-quarter GDP growth, while business services made the largest positive contribution.
According to the first estimate, GDP was up by 3.1 percent relative to Q3 2021. This was mainly due to a higher trade balance, more household consumption and larger investments. Coronavirus measures were no longer in force in Q3 2022, but some restrictions were still in place during Q3 2021.
Exports of goods and services were 3.7 percent up year on year in Q3 2022. Particularly the export of services, which includes domestic consumption expenditure of non-residents, was higher than in Q3 2021.
Exports of machinery, transport equipment and foodstuffs also increased. Exports of Dutch-manufactured goods contracted by almost 1 percent, while re-exports (exports of previously imported products) grew by approximately 4 percent.
Imports of goods and services grew by 2.0 percent. The trade balance made a positive contribution to economic growth.
In Q3 2022, consumers spent 2.3 percent more than in Q3 2021.
They mainly spent more on culture and recreation; accommodation and food services; and transportation and communication. However, consumers spent less on goods such as food and on durable goods such as home furnishing items and vehicles compared to one year previously.
Public consumption was slightly up year on year. This is mainly attributable to paramedical and elderly care. However, the municipal health services performed fewer COVID-19 tests and there were no large-scale vaccination campaigns.
In Q3 2022, investment in fixed assets was 3.5 percent higher than in the same quarter one year previously. Investment was up mainly in commercial buildings and aircraft. Investments in machinery and software were also higher than one year previously.
The value added (i.e. output minus consumption of energy, materials and services) in the sector culture, recreation, sports and other services grew by more than 22 percent, making it the fastest growing of all sectors. The growth is broadly based in this sector.
A year earlier, the sector was still affected by several restrictions related to coronavirus.
The value added of the business services sector grew by 8.5 percent. Specialised business services (such as management and consultancy firms, and architectural and engineering firms) as well as the travel sector contributed strongly to this growth.
The manufacturing sector grew by 3.5 percent. The machinery, electro-technical and transport equipment industries contributed to this in particular. The construction sector recorded 2 percent growth.
The value added in trade, transportation and accommodation and food services was 2.4 percent higher in Q3 2021 than twelve months previously. Transportation (mainly aviation and rail transport) and accommodation and food services grew in particular. However, the value added of trade declined slightly. ■