According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) increased by 3.8 percent in Q2 2021 relative to Q1 2021.
Article continues below
The second GDP estimate is published 90 days after the end of each quarter.
The growth rate has been adjusted upwards. In the first estimate, which was published on 14 August, growth amounted to 3.1 percent. Compared to the first estimate, household and public consumption have been adjusted upwards.
The overall picture of the economy has remained unchanged. Economic growth was mainly due to increased household consumption and a higher trade balance. Public consumption also increased, but investments decreased.
The second estimate is conducted 90 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.
Year-on-year, GDP increased by 10.4 percent. In the first estimate, growth amounted to 9.7 percent. The upward adjustment is caused by new figures on care, financial institutions, transportation, travel services and accommodation and food services. For example, hospital output recovered more strongly than previously estimated and there is an upward adjustment at the municipal health services (GGDs) for vaccinations and tests.
The second estimate shows that the number of employee and self-employed jobs increased by 153 thousand in Q2 2021 compared to the previous quarter. The first estimate suggested an increase of 133 thousand jobs.
Relative to Q2 2020, the second estimate for Q2 2021 suggested an increase of 283 thousand employee and self-employed jobs, versus 262 thousand according to the first estimate. ■