Dutch economy grew 0.8 percent in third quarter

The Dutch economy grew by 0.8 percent in the third quarter of this year compared to the previous quarter, Statistics Netherlands (CBS) reported on Thursday based on an initial calculation for the months of July to September. It also adjusted growth in the second quarter slightly higher: instead of 1 percent, the gross domestic product increased by 1.1 percent in that period, according to CBS.

CBS attributes the growth in the third quarter mainly to increased consumption by households and the government. Netherlands residents spent more money on clothing, energy, and home furnishings. The government spent more on healthcare and public administration. Investments also increased, especially in homes and machinery. Exports also grew.

This meant that economic growth in the Netherlands was greater than in the European Union as a whole, whose economy grew by 0.3 percent in the same period compared to the previous quarter. The Dutch economy also performed better than its neighboring countries. The economies of Germany and Belgium grew by 0.2 percent. The Dutch economy also outperformed that of the United States, the world’s largest economy, which grew by 0.7 percent.

The trade, hospitality, transport, and storage sectors contributed the most to the economic growth. CBS looked at their added value, the difference between the production and the consumption of energy, materials, and services. The added value of the mentioned sectors rose by 1.1 percent. CBS found the strongest growth, of 3.8 percent, in energy companies.

CBS makes its first calculation 30 days after the end of the quarter based on the information available at the time. In the period after that, more information about the quarter will come in, which will be included in the next calculator. It is based on this additional information that the growth in the second quarter was adjusted upward in this publication. The second calculation about the third quarter will be published on December 24.