Dutch economy's second quarter growth slightly lower than expected

The Duch economy grew on a quarterly basis by 2.6 percent in the second quarter of 2022. Statistics Netherlands (CBS) confirmed this figure in a second calculation after a first estimate in mid-August. The stats officer adjusted investments and government consumption upwards. The trade balance, exports minus imports, was slightly lower.

The stats office made the second calculation 85 days after the end of the quarter. The first calculation is published approximately 45 days after the end of a quarter. According to CBS, economic figures often still come in after the first estimate. This usually only results in minor adjustments.

The stats office also adjusted the growth figure for the first quarter of this year. According to the new calculation, the economy grew not by 0.5 percent but by 0.4 percent.

Compared to a year earlier, the economy grew by 5.1 percent in the second quarter. According to the first calculation, that was 5.3 percent. This adjustment is mainly due to new figures on financial institutions, the temporary employment and travel industry, real estate, and the hospitality industry.

Job growth was also slightly lower according to the new estimate. The second quarter saw 85,000 new jobs, not 94,000. On an annual basis, the number of jobs increased by 474,000, not 484,000.