POST Online Media Lite Edition



 

Netherlands' GDP grew by 0.9 percent in Q4

Christian Fernsby |
According to the first estimate conducted by Statistics Netherlands (CBS) based on currently available data, gross domestic product (GDP) grew by 0.9 percent in Q4 2021 relative to the previous quarter.

Article continues below



Topics: NETHERLANDS   

The growth rate is lower than in Q2 and Q3 2021, when they stood at 3.8 and 2.1 percent, respectively. This is mainly related to the lockdown in mid-December 2021. Growth in Q4 was largely due to increased investments and the trade balance. Public consumption also made a positive contribution to growth.

Investments grew by 2.6 percent. Although exports of goods and services fell, imports fell more rapidly by 0.8 percent. As a result, the trade balance rose. In addition, public consumption increased by 0.7 percent. However, households spent 0.1 percent less in Q4 than in Q3 2021.

In particular, the sectors business services, manufacturing and government and care made positive contributions to the quarter-on-quarter economic growth. However, the sector trade, transportation and accommodation and food services contributed negatively.

The growth in Q4 2021 relative to Q4 2020 amounted to 6.2 percent. With the release of data on Q4, the first annual growth rate over 2021 has become available as well.

Last year, GDP was up by 4.8 percent year on year. Household consumption and the trade balance were higher in particular. Investments and public consumption also made a positive contribution to growth. Compared to 2019, the growth was 0.8 percent. The 3.8-percent contraction in 2020 has been made up for in the span of one year.

Exports of goods and services in 2021 were 7.0 percent up year on year. More machinery and chemical products were exported in particular. Exports of Dutch-manufactured goods were 6 percent higher, while re-exports (the export of previously imported products) grew by 11.5 percent. After the sharp contraction in 2020, there was also a small growth in the export of services in 2021.

Imports of goods and services grew by 5.4 percent. The growth of exports exceeded that of imports. As a result, the trade balance made a positive contribution to economic growth of almost 2 percentage points.

In 2021, consumers spent 3.5 percent more than in 2020. They mainly spent more on accommodation and food services, housing (including rent), medical services and clothing. Consumers also used more natural gas than in 2020.

The growth in consumption in 2021 did not entirely compensate for the historically large contraction in 2020. Compared to 2019, household consumption was still more than 3 percent lower. In particular, spending on recreation and culture, accommodation and food services and transport and communication was still significantly lower than in 2019.

Public consumption grew by 4.3 percent year on year. In particular, individual consumption (government spending on health, education and social protection) was higher than one year earlier.

In 2021, the volume of investments in fixed assets grew by 3.4 percent relative to 2020. Investments were mainly up in dwellings, machinery, buildings, software and computers. Investments in passenger cars, on the other hand, were lower. Just as household consumption, investments were still below the level of 2019.

The value added (i.e. output minus consumption of energy, materials and services) in the sector trade, transportation and accommodation and food services was 7.6 percent higher in 2021 than in 2020. Accommodation and food services as well as transportation and trade grew in particular, but trade also showed growth.

In 2020, however, the accommodation and food services sector was one of the sectors worst affected by the coronavirus crisis and the recovery in 2021 did not compensate for the loss in 2020. Compared to the pre-COVID year 2019, the value added was more than 30 percent lower in 2021.

The transport sector also added less value last year compared to two years previously. The trade sector did perform better than in 2019. On balance, the value added of the sector trade, transportation and accommodation and food services was slightly lower in 2021 than in 2019.

In 2021, manufacturing output was at its highest level ever. Manufacturing grew by over 7 percent. The machinery, metal and chemical industries contributed to this in particular. The construction sector achieved a growth of over 2 percent.

The value added in the business services sector grew by over 7 percent as well. Travel agencies, amongst others, achieved substantial growth, but are nevertheless still a long way from the pre-COVID level. Temporary employment services also recovered in 2021, but still produced less than in 2019. Compared to 2019, the value added of business services as a whole was virtually the same.

The value added of the care sector was almost 9 percent higher than in 2020. Growth was mainly due to additional spending on COVID-19 testing and vaccinations by municipal health services (GGDs). In 2020, health care production fell because, on balance, fewer health and care services were provided during the coronavirus crisis.

After the sharp contraction in 2020, the sector culture, recreation, sports and other services saw a further contraction of more than 3 percent in 2021. Last year, the sector had to contend with coronavirus restrictions for almost the entire year.


What to read next

GDP for mainland Norway decreased 2.5 per cent
Netherlands: Economic growth 3.1 percent in Q2 2021
Netherlands economic growth of 1.9 percent in Q3 2021

Fiona batters Atlantic Canada with destructive winds, sets records

 
Post-tropical cyclone Fiona made landfall in eastern Nova Scotia Saturday morning.
 
 

Latest

Noritake tableware, to pass down to the new generation as an heirloom
Toyota closes its production facility in Russia
South Korea lifts mask wearing restrictions from Monday
SEC charges Compass Minerals for misleading investors about its operations at world’s largest underground salt mine

NEWS

Typhoon lashes central Japan killing two

Children in Sudan in middle of perfect storm of crises
Poland: Four persons offering GetBack bonds detained by CBA
Ecuadorian police seize 3.5 tons of cocaine
6.4 magnitude quake jolts western Indonesia
U.S.: Fiona producing life-threatening surf and rip currents to east coast
 

BUSINESS

Work to begin on Swiss backup power plant

Number of active U.S. drilling rigs up this week
ScotRail workers to strike over pay
South Korea attracts $1.15 bn investment from U.S.
UK's Trades Union Congress: Tax cuts helps corporations and wealthy
Six ships left Ukrainian ports carrying grain, other food products
 

Trending Now

Philippines in talks to buy Russian fuel

ScotRail workers to strike over pay

Fiona batters Atlantic Canada with destructive winds, sets records

Noritake tableware, to pass down to the new generation as an heirloom


POLITICS

Families in British Columbia will save big as child care fees cut as much as $550 more per month

North Dakota Governor announces apprenticeship program at tribal colleges in partnership with energy companies
Scotland: UK Chancellor’s measures fail to target support
Philippines in talks to buy Russian fuel
Ireland launches solar panel grant scheme for businesses
New Jersey Governor increasing offshore wind goal to 11,000 MW by 2040
 

Today We Recommend

Children in Sudan in middle of perfect storm of crises


Highlights 

Enabled Intelligence to create 117 new jobs in Fairfax County, Virginia

Pangiam will create 201 new jobs in Fairfax County, Virginia

Target to hire 100,000 holiday workers


COMPANIES

Hopium chooses Normandy for its first industrial site

Vianode invests $188 million in battery materials plant in Norway
Adnoc and Taqa close $3.8 billion contract for Lightning project
Snow Lake Lithium and LG Energy Solution to establish lithium supply chain in North America
Ford breaks ground on $5.6 billion complex for EVs, batteries
Barrows Hotel Enterprises closes 110-million-dollar Hotel Advisory Deal for Zambia
 

CAREERS

Paul Boudre appointed chairman of UnitySC

Serge Lupas appointed as CEO of Cyclomedia
Tidewater Renewables appoints Ray Kwan as CFO
JBS USA names Jason Weller chief sustainability officer
Orange County Bancorp appoints Marianna R. Kennedy to board
Ecobat appoints new chief financial officer
 

ECONOMY

Germany's manufacturing activity at 27-month low

UK private sector falls at fastest pace since January 2021
Unemployment rates drop in every county across Tennessee
U.S. Leading Economic Index fell in August
Egypt keeps interest rates unchanged
U.S. mortgage rates highest since 2008
 

EARNINGS

Costco Q4 net sales increased 15.2 percent

FedEx Q1 profit down
Accenture Q4 revenues increased 15%
Darden Restaurants Q1 income drops
KB Home Q3 profit rises
H.B. Fuller Q3 profit rises
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Province supporting made-in-Ontario fertilizer solutions for farmers

Taiwan customs seize Chilean apples due to pesticide levels
Denmark to allow mink breeding again from 2023
New Zealand to take extra measures to target pocket of M. bovis infection
Vietnamese giants invest tens of millions in pig market valued at $15 billion
UWRF and DATCP partner to support Wisconsin meat industry with high school curriculum
 

LEADERSHIP

Cybervetting can have pronounced impact on workforce by broadening discrimination

Female managers pay fairer
Pitch quality of CEO voices rests entirely on gender
Employee turnover costs more than you think
51% of supply chain leaders increased number of network locations
If company overcomes post-IPO innovation slump, it will survive longer
 

CRIME

SEC charges Cheetah Mobile’s CEO and its former president with insider trading

Stockholm bourse fines SAS $175,000 over pilot strike information
Boeing to pay $200 million to settle SEC charges that it misled investors about 737 MAX
Germany: EIB supports vehicle development and international expansion of EVUM Motors
Gol to pay $70 million to settle SEC charges
Akorn to pay $7.9 million for allegedly causing medicare to pay for invalid prescription drugs
 

Magazine

TRAVEL

Anantara Grand Hotel Krasnapolsky Amsterdam opens

Grand festive season in India starts with Navratri
300 artists from 65 nations will participate in Qatar International Art Festival
Hilton Hiroshima hotel opens in Japan
175 room Thompson Madrid hotel opens
Colorfest Balloon Rally in Pagosa Springs, Co., brings a lot of joy
 

SEA, LAND, AIR

Caterham Super Sevens, true joy of ride

New Ford Mustang brings digital cockpit, new engines and style
Ram 1500 Limited Elite Edition joins lineup for 2023
2023 GMC Canyon AT4X, new midsize truck
Shelby Code Red, $210,000+ to upgrade your Ford Mustang
Zero Motorcycles SR/S electric bike, effortless power, effortless control
 

DESIGN

Tecnografica wallcoverings from the land of ceramic

Poliform, kitchens for extraordinary homes
Luxury vinyl tiles, ideal combination of everything
LED lamps, long-lasting light for every space in your home
Clean and luxurious men's watches
Nobody's Child, everybody's favorite
 

GADGETS

Leica S3, made in Germany for great pictures

Sennheiser HD 300 PROtect, pro headphones that protect your ears
HP Dragonfly Folio G3, very very good laptop for business users
Nokia PureBook Fold and PureBook Lite, flexibility and stylish design
Tascam 202MKVII, professional dual cassette deck
Bose Frames Tenor, glasses for music and calls
 

HEALTH

UK: Second vaccine doses to be offered to those at highest risk from monkeypox

White House announces $1.5 billion to prevent opioid overdose deaths
Pfizer applies to Swissmedic for authorisation of second bivalent COVID-19 vaccine
Pfizer, Sangamo Therapeutics in Phase 3 trial of investigational gene therapy for Hemophilia A, reopened recruitment
Merck to initiate new Phase 3 clinical program with lower dose of Islatravir with Doravirine for HIV-1
Brazil invests around $583,000 in research on monkeypox virus
 

MEANTIME

Search for clues may explain collapse of ancient city in Mexico

Astronomers unveil new and puzzling features of mysterious fast radio bursts
Earth-like exoplanets unlikely to be another 'pale blue dot'
New evidence for habitability in ocean of Saturn's moon Enceladus
NASA's Perseverance rover finds strong signal of organic matter on Mars
Sea level rise increasing at faster rate around Aotearoa New Zealand