CBS: 0.5% Dutch economic growth

Export has pushed a 0.5 percent growth in the Dutch economy, the Central Bureau for Statistics (CBS) has reported.

CBS said it made a “flash estimate” of the economic performance in the second quarter of the year, as a customary first estimation within 45 days after the quarter ends, with the data that is available.

The Bureau said the growth follows a quarter of shrinking economy, but the balance of the economy only slightly improved. The labor market also showed signs of recovery; the number of jobs held by employers dropped by 8,000, whereas the first quarter had seen an 18,000 drop. CBS said this corresponds with the increase in job opportunities.

Comparing the second quarter of 2014 with the corresponding period last year, the Bureau reported 0.9 percent growth. It attributed the growth to the export and big investments. Household consumption remained the same, but government consumption grew by a fraction.

CBS said especially exports of metal products and machines saw growth. Exports of natural gas and oil products were lower, but the strong growth in export of crude material and metal product made up for that. “The Netherlands also exported remarkably more agriculture products,” CBS said.

It explained that the flash estimate is only meant to provide a first impression of the Dutch economy, which will likely be adjusted. “After this approximation there is usually a constant flow of new information that is then applied for new estimates,” CBS stated. The next estimate about the second quarter will be released on September 24. The second estimation usually corrects the first by about 0.06 percent.

The second quarter growth report paradoxically comes at the start of the third quarter as exporters of agricultural products are suffering losses due to the boycott by Russia of products from western nations.