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Netherlands' economic growth 2.6 percent in Q2 2022

Christian Fernsby |
According to the first quarterly estimate conducted by Statistics Netherlands (CBS) on the basis of currently available data, in Q2 2022 gross domestic product (GDP) grew by 2.6 percent relative to the previous quarter.

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The balance of trade (exports minus imports) and investments contributed the most to economic growth. Household consumption also made a positive contribution.

At the beginning of Q1 2022, the accommodation and food services sector, non-essential shops and contact intensive industries, for example, were still struggling with a lockdown.

In Q2 2022, investments rose by 5.2 percent. Exports and imports of goods and services increased by 2.7 and 1.6 percent, respectively. Households spent 0.9 percent more than in Q1 2022. Public consumption hardly showed any growth.

The trade, transportation and accommodation and food services sector, the business services sector and the culture, recreation, sports and other services sector made the largest positive contributions to quarter-on-quarter GDP growth.

According to the first estimate, GDP was up by 5.3 percent relative to Q2 2021. Household consumption, the trade balance and investments were higher in particular. Public consumption made a slightly negative contribution to year-on-year growth.

There were no more coronavirus measures in the second quarter of 2022, while restrictions were still in place for part of the second quarter of 2021.

In Q2 2022, consumers spent 7 percent more than in Q2 2021. They mainly spent more on accommodation and food services, recreation and culture, transportation and communication. However, consumers spent less on goods such as food, home furnishings and means of transport than one year previously.

They also consumed less natural gas, due to the relatively mild weather.

Public consumption was down by almost 1 percent year on year, due to lower healthcare spending by the government on items such as COVID-19 tests, testing for access and COVID-19 vaccinations.

In Q2 2022, investment in fixed assets was 5 percent higher than in the same quarter one year previously. More was invested in dwellings, commercial buildings, aircraft and ships. Investments in machinery and software were also higher than one year previously.

Exports of goods and services in Q2 2022 were 5.6 percent up year on year. Exports of services, including the expenditure of non-residents in the Netherlands, were considerably higher than in Q2 2021.

Furthermore, exports of machinery, foodstuffs and chemical products increased. Exports of Dutch-manufactured goods grew by almost 1 percent and re-exports (exports of previously imported products) grew by over 3 percent.

Imports of goods and services grew by 4.1 percent. The trade balance made a positive contribution to economic growth.

The value added (i.e. output minus consumption of energy, materials and services) in the sector culture, recreation, sports and other services was more than 40 percent higher in Q2 2022 than twelve months previously, the strongest growth of all sectors. Growth was mainly seen in sports, recreation, arts and culture.

The value added of the business services sector grew by almost 11 percent. The largest contributions were made by temporary employment agencies and travel services.

The value added in trade, transportation and accommodation and food services was 9 percent higher in Q2 2021 than twelve months previously. Accommodation and food services grew in particular, but transportation (aviation in particular) also showed growth.

However, the value added in trade was slightly down.

Manufacturing grew by 5 percent. The machinery and electrotechnical industries contributed to this in particular. The construction sector was up by over 3 percent.

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