According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) grew by 2.6 percent in Q2 2022 relative to Q1 2022.
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In the first estimate, which was published on 17 August, growth also amounted to 2.6 percent. The second GDP estimate is published 85 days after the end of each quarter.
Investments and public consumption contributed to an upward revision and trade balance to a downward revision of GDP growth.
On balance, the growth figure is equal to that of the first estimate. Investments and the balance of trade (exports minus imports) contributed the most to economic growth. Household consumption also made a positive contribution.
The second estimate is conducted 85 days after the end of the quarter. The first estimate, which is calculated 45 days after the end of the quarter, is based on the most recent data available at that moment.
After the first estimate, more new information about the state of the Dutch economy keeps pouring in, e.g. data about the sectors construction business services, hotels and restaurants, government care and the financial sector. These data are subsequently incorporated into new calculations.
In absolute terms, the adjustment in the second estimate relative to the first estimate has averaged nearly 0.09 percentage points over the past five years (2017-2021), with the two extremes ranging between -0.3 and 0.7 percentage points , both occurring in 2021.
With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. As a result, the quarter-on-quarter GDP growth rate in Q1 2022 has been adjusted from 0.5 to 0.4 percent.
Year on year, GDP increased by 5.1 percent in Q2. In the first estimate, the increase amounted to 5.3 percent. The downward adjustment is caused by new figures on financial institutions, temporary employment agencies and travel services, real estate and accommodation and food services.
The overall picture has not changed. Household consumption, the trade balance and investments contributed to economic growth in particular.
The second estimate shows that the number of employee and self-employed jobs increased by 85 thousand in Q2 2022 compared to Q1 2022. The first estimate suggested an increase of 94 thousand jobs.
The second estimate for Q2 2022 further suggested a year-on-year increase of 474 thousand employee and self-employed jobs, versus 484 thousand according to the first estimate. ■