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

U.S.: Severe thunderstorms, heavy rain and fire threat

 
An active Spring weather pattern is setting up for large portions of the U.S. heading into the weekend.
 
 

Latest

Baker Hughes: U.S. oil rig count up by 2 to 483
California is now world’s 4th-largest economy
Roche to create 12,000+ new jobs in U.S. over next five years
€612 million Portuguese State aid scheme to support energy-intensive companies

NEWS

Peru court jails ex-President Humala for money laundering

Bosnia risks air traffic shutdown over unpaid debt
Active weather in Eastern U.S.; warm weather and critical fire weather across portions of West
Siemens executive Agustin Escobar, five others killed in Hudson River copter crash
U.S.: Significant severe weather and life threatening flash flooding
More than 300 arrests as African countries clamp down on cyber threats
 

BUSINESS

Domestic tourism spending in Britain falls by £3bn, analysis reveals

IMF approves $20 billion extended arrangement for Argentina
Bangladesh, Japan sign construction deal for Matarbari deep seaport
Submarine cable line with largest capacity in Vietnam begins operation
Rig count stabilizes amid oil price recovery
Lower or same benefits enable faster job change in Germany
 

Trending Now

U.S.: Severe thunderstorms, heavy rain and fire threat

Baker Hughes: U.S. oil rig count up by 2 to 483

Ben Söderling new CEO of Sovellusmestarit Oy and MoveRoll Oy

Thailand's exports jump 17.8 pct to 3-year high in March


POLITICS

Norway signs agreement to continue funding for Poland

Namibia seeks swift shift from oil discoveries to production, says president
€400 million Spanish State aid scheme to support renewable hydrogen production
Viking CCS pipeline development granted consent decision
Egypt, France sign 7bln euro deal for green hydrogen complex on Red Sea
Maryland Governor to lead international trade and investment mission to Japan and South Korea
 

Today We Recommend

IMF approves $20 billion extended arrangement for Argentina


Highlights 

Roche to create 12,000+ new jobs in U.S. over next five years

Adani Ports buys Australian coal export terminal for $2.54bn

BRF to invest $160m in Saudi Arabian plant


COMPANIES

Adani Ports buys Australian coal export terminal for $2.54bn

BRF to invest $160m in Saudi Arabian plant
Second fuel debris sample retrieved at Fukushima
AgriAmerica expanding in Chautauqua County, will create 469 jobs
Flock Safety to create 210 new jobs in Smyrna, Georgia
International Paper in talks to divest five plants in Europe
 

CAREERS

Pere Mañé appointed as new CEO of Suanfarma

Ben Söderling new CEO of Sovellusmestarit Oy and MoveRoll Oy
Helio Fujita joins Mars as global people & organization VP for petcare business
Cold Summit appoints Harld Peters as president of Cold Summit Europe
Royal Van Leeuwen chairman Peter Rietberg stepped down
iSON Xperiences appoints Ricardo Langwieder as chief sales officer
 

ECONOMY

Thailand's exports jump 17.8 pct to 3-year high in March

Turkish exports hit second highest March figure on record
EU hourly labour costs ranged from €11 to €55 in 2024
U.S. consumer confidence dropped sharply in February
EU records trade surplus for 6 quarters in a row
Brazil reaches second highest export value for January
 

EARNINGS

Ericsson Q2 sales down but North America up

Lockton revenue $3.55 billion
Motorcar Parts of America Q4 sales $189.5 million
Limoneira Q2 revenue $44.6 million
Lululemon athletica Q1 revenue increased 10% to $2.2 billion
PVH Q1 GAAP EBIT $205 million
 

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

Tanzania bans agricultural imports from South Africa and Malawi

Experimental bird flu vaccine excels in animal models
Peru to secure fresh potato access to Brazilian market
New pollen-replacing food for honey bees brings new hope for survival
Fishing ban begins across Türkiye to protect marine resources
Argentina opened Albanian market for beef exports
 

LEADERSHIP

Study: Missing a deadline has a bigger impact than you might think

Employers prefer younger job candidates for AI roles although experienced workers perform same or better
Study finds workers misjudge wage markets
Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
 

CRIME

EU fines carmakers €458 million for anti-recycling cartel

Commission fines Pierre Cardin and its licensee Ahlers €5.7 million for restricting cross-border sales of clothing
BHP, Vale agree to pay $30B damages for Brazil dam disaster
Commission fines České dráhy and Österreichische Bundesbahnen €48.7 million over collusion to exclude common compe
SEC charges Keurig with making inaccurate statements regarding recyclability of K-Cup beverage pod
SEC charges John Deere with FCPA violations for subsidiary’s role in Thai bribery scheme
 

Magazine

TRAVEL

Radisson Hotel Group debuts in the heart of Tunisia’s capital city, Tunis

Morocco’s first Radisson branded hotel opens in Casablanca
Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
 

SEA, LAND, AIR

Citroën C3 Aircross, the most affordable compact SUV with 7 seats

2025 Chevrolet Equinox stands apart with fresh looks and capability
Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
 

DESIGN

Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
 

GADGETS

MESA/Boogie Celebrates 40-year partnership with John Petrucci

reMarkable 2, monochrome tablet for your thoughts and your eyes
OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
 

HEALTH

FDA grants marketing authorization of first home test for chlamydia, gonorrhea and trichomoniasis

Human cases of anthrax reported in western Mongolia
One more barrier to developing vaccine for HIV removed
Rwanda begins world's first clinical trial for treatment of Marburg virus disease
Rwanda restricts gatherings amid Marburg virus outbreak, to begin trials of vaccine
Teksas Attorney General reaches settlement in first-of-its-kind healthcare generative AI investigation
 

MEANTIME

Russian academics, gas industry experts see undersea LNG transportation as feasible

India launches space docking experiment mission
World-first carbon-14 diamond battery made
Einstein Telescope step closer
Exoplanet-hunting telescope to begin search for another Earth in 2026
India to build first phase of its own space station by 2028