3.8% economic growth in Q2 2021

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The growth rate has been adjusted upward. In the first estimate, released on August 14, the growth was 3.1percent. Compared to the first estimate, household and public consumption has 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 has also increased, but investment has declined.

GDP (volume), seasonally adjusted
2014 Quarter 1 97.3
2014 Quarter 2 97.9
2014 Quarter 3 98.1
2014 Quarter 4 99.0
2015 Quarter 1 99.6
2015 Quarter 2 99.9
2015 Quarter 3 100.2
2015 Quarter 4 100.3
2016 Quarter 1 101.2
2016 Quarter 2 101.4
2016 Quarter 3 102.6
2016 Quarter 4 103.4
2017 Quarter 1 103.9
2017 Quarter 2 104.9
2017 Quarter 3 105.6
2017 Quarter 4 106.5
2018 Quarter 1 106.9
2018 Quarter 2 107.5
2018 Quarter 3 107.9
2018 Quarter 4 108.4
2019 Quarter 1 109.0
2019 Quarter 2 109.5
2019 Quarter 3 109.9
2019 Quarter 4 110.4
2020 Quarter 1 108.6
2020 Quarter 2 99.5
2020 Quarter 3 107.0
2020 Quarter 4 107.0
2021 Quarter 1 106.2
2021 Quarter 2 110.2

Second estimate

The second estimate is made 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 time. After the first estimate, new information on the state of the Dutch economy continues to flow, for example data on the construction business services, hotel and catering, utilities and construction sectors. financial sector. These data are then integrated into new calculations.

The adjustment is greater than in the last five years (2106-2020). In absolute terms, the adjustment of the second estimate to the first estimate has averaged 0.04 percentage point over the past five years, with the two extremes lying between -0.2 and + 0.1 percent inint.

Quarterly growth adjustment

With each new estimate, SCS also recalculates the seasonally adjusted series for previously published quarters. However, this has not resulted in adjustments to quarter-on-quarter growth in previous quarters.

Growth compared to Q2 2020

Year on year, GDP increased by 10.4 eprecent. In the first estimate, the growth was 9.7 percent. The upward adjustment is caused by new figures on healthcare, financial institutions, transportation, travel services, and accommodation and food services. For example, hospital production has recovered more sharply than expected and there is an upward adjustment at the municipal health services (GGD) level for vaccinations and testing.

The overall picture of the economy has remained unchanged. Compared to the second quarter of 2020, household consumption and the trade balance are notably up. Investments and public consumption also made a positive contribution to growth.

GDP (volume)
2014 Quarter 1 1.3
2014 Quarter 2 1.4
2014 Quarter 3 1.1
2014 Quarter 4 1.8
2015 Quarter 1 1.9
2015 Quarter 2 2.1
2015 Quarter 3 2.5
2015 Quarter 4 1.4
2016 Quarter 1 2.1
2016 Quarter 2 2.3
2016 Quarter 3 2.1
2016 Quarter 4 2.2
2017 Quarter 1 3.2
2017 Quarter 2 3.0
2017 Quarter 3 2.8
2017 Quarter 4 2.6
2018 Quarter 1 2.6
2018 Quarter 2 2.7
2018 Quarter 3 2.2
2018 Quarter 4 1.9
2019 Quarter 1 1.9
2019 Quarter 2 2.0
2019 Quarter 3 2.1
2019 Quarter 4 1.9
2020 Quarter 1 -0.2
2020 Quarter 2 -9.2
2020 Quarter 3 -2.6
2020 Quarter 4 -2.9
2021 Quarter 1 -2.4
2021 Quarter 2 10.4

153,000 additional jobs

The second estimate shows that the number of salaried and self-employed jobs increased by 153,000 in the second quarter of 2021 compared to the previous quarter. The first estimate suggested an increase of 133,000 jobs.

Compared to Q2 2020, the second estimate for Q2 2021 suggested an increase of 283,000 salaried and self-employed jobs, against 262,000 according to the first estimate.

Employment figures are adjusted when additional information becomes available.

Total jobs (seasonally adjusted)
2014 Quarter 1 -12
2014 Quarter 2 18
2014 Quarter 3 23
2014 Quarter 4 29
2015 Quarter 1 35
2015 Quarter 2 33
2015 Quarter 3 37
2015 Quarter 4 41
2016 Quarter 1 13
2016 Quarter 2 53
2016 Quarter 3 45
2016 Quarter 4 56
2017 Quarter 1 64
2017 Quarter 2 67
2017 Quarter 3 76
2017 Quarter 4 73
2018 Quarter 1 80
2018 Quarter 2 68
2018 Quarter 3 65
2018 Quarter 4 46
2019 Quarter 1 58
2019 Quarter 2 45
2019 Quarter 3 32
2019 Quarter 4 53
2020 Quarter 1 50
2020 Quarter 2 -291
2020 Quarter 3 158
2020 Quarter 4 -20
2021 Quarter 1 -9
2021 Quarter 2 153


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