Economic growth of 2.6% in Q2 2022

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In Q2 2022, investments increased by 5.2 perecent. Exports and imports of goods and services increased by 2.7 and 1.6 perhundred, respectively. Households spent 00.9%nt more than in Q1 2022. Public consumption hardly progressed.

The trade, transport and accommodation and food services sector, the business services sector and the culture, leisure, sports and other services sector made the largest positive contributions to growth. quarter-to-quarter GDP.

GDP (volume), seasonally adjusted
2015 Quarter 1 99.6
2015 Quarter 2 99.9
2015 Trimester 3 100.2
2015 Quarter 4 100.3
2016 Quarter 1 101.2
2016 Quarter 2 101.4
2016 Trimester 3 102.6
2016 Quarter 4 103.4
2017 Quarter 1 104
2017 Quarter 2 104.9
2017 Trimester 3 105.6
2017 Quarter 4 106.4
2018 Quarter 1 106.9
2018 Quarter 2 107.6
2018 Trimester 3 107.8
2018 Quarter 4 108.3
2019 Quarter 1 109
2019 Quarter 2 109.5
2019 Trimester 3 109.9
2019 Quarter 4 110.4
2020 Quarter 1 108.8
2020 Quarter 2 100.2
2020 Trimester 3 106.4
2020 Quarter 4 106.4
2021 Quarter 1 106.5
2021 Quarter 2 110.5
2021 Trimester 3 112.2
2021 Quarter 4 113
2022 Quarter 1 113.5
2022 Quarter 2 116.5

Impact of the coronavirus crisis on the first estimate

Due to the coronavirus crisis, the growth figures are surrounded by greater uncertainty than usual when first estimated.

The remainder of this press release discusses economic developments compared to Q2 2021.

GDP up by 5.3% compared to Q2 2021

According to the first estimate, GDP increased by 50.3%nt compared to Q2 2021. Household consumption, the trade balance and investments have notably increased. Government consumption made a slightly negative contribution to year-on-year growth. There were no more coronavirus measures in the second quarter of 2022, while restrictions were still in place for part of the second quarter of 2021.

GDP (volume)
2015 Quarter 1 1.9
2015 Quarter 2 2.1
2015 Trimester 3 2.5
2015 Quarter 4 1.4
2016 Quarter 1 2.1
2016 Quarter 2 2.3
2016 Trimester 3 2.1
2016 Quarter 4 2.2
2017 Quarter 1 3.2
2017 Quarter 2 3
2017 Trimester 3 2.8
2017 Quarter 4 2.6
2018 Quarter 1 2.6
2018 Quarter 2 2.7
2018 Trimester 3 2.2
2018 Quarter 4 1.9
2019 Quarter 1 1.8
2019 Quarter 2 1.9
2019 Trimester 3 2.1
2019 Quarter 4 2
2020 Quarter 1 -0.1
2020 Quarter 2 -8.7
2020 Trimester 3 -3.3
2020 Quarter 4 -3.3
2021 Quarter 1 -2.2
2021 Quarter 2 10.2
2021 Trimester 3 5.4
2021 Quarter 4 6.2
2022 Quarter 1 6.7
2022 Quarter 2 5.3

Consumers spent more on accommodation and food services, recreation and culture

In the second quarter of 2022, consumers spent 7 percentent more than in Q2 2021. They mainly spent more on accommodation and restaurants, leisure and culture, transport and communications. However, consumers spent less on goods such as food, furniture and transportation than a year earlier. They also consumed less natural gas, due to the relatively good weather.

Public consumption fell nearly 1% year-on-year, due to lower government health spending on items such as COVID-19 testing, access testing and COVID-19 vaccinations.

More investment in buildings and means of transport

In the second quarter of 2022, investment in fixed assets was 5 percentnt higher than that of the same quarter of the previous year. More has been invested in homes, commercial buildings, aircraft and ships. Investments in machinery and software were also higher than a year earlier.

More services, machinery, foodstuffs and chemicals exported

Exports of goods and services in Q2 2022 were 5.6 percentincreasing year by year. Services exports, including spending by non-residents in the Netherlands, were significantly higher than in the second quarter of 2021. In addition, exports of machinery, foodstuffs and chemicals increased. Exports of products made in the Netherlands increased by almost 1 percentnt and re-exports (exports of previously imported products) increased by more than 3 percentent.

Imports of goods and services increased by 4.1 forhundred. The trade balance has contributed positively to economic growth.

Expenses (volume)
GDP 5.3 6.7
Imports 4.1 4.5
Household consumption seven 13.4
Exports 5.6 4.6
Fixed capital formation 5 0
Government consumption -0.7 2.5

Growth in most sectors

Value added (i.e. output less consumption of energy, materials and services) in the culture, recreation, sports and other services sector was over 40 percentnt higher in Q2 2022 than twelve months earlier, the strongest growth of any sector. Growth was mostly observed in sports, recreation, arts and culture.

The value added of the business services sector increased by nearly 11 percentent. The largest contributions were made by temporary work agencies and travel services.

Value added in trade, transport and accommodation and food services was 9 percent more in Q2 2021 than twelve months before. Accommodation and food services grew in particular, but transportation (notably aviation) also showed growth. However, the added value of trade decreased slightly.

Manufacturing increased by 5 percentent. The machinery and electrical engineering industries contributed in particular. The construction sector grew by more than 3 percentNT.

Value added by sector (volume)
Culture, leisure, other services 41.7 42.6
Business services 10.8 9.8
Electricity and gas supply 10.3 8.8
Trade, transport, accommodation and catering 9.0 13.4
Real estate activities 5.1 5.6
Manufacturing 5.0 5.4
Information and communication 3.4 4.4
Construction 3.3 3.5
Public services, education and care 1.0 4.7
Financial institutions 0.2 0
Water supply and waste management -2.0 -2.2
Agriculture, forestry and fishing -3.0 -3
Mines and quarries -15.5 -14.6

First estimate

The first estimate is published 45 days after the end of a quarter and is made on the basis of the information available at that time. It gives a first picture of the state of the Dutch economy. After the first estimate, new data continue to flow and are used to make new calculations. The second estimate of economic growth will be released on Friday, September 23. In absolute value, the adjustment of the second estimate compared to the first estimate has averaged nearly 0.09 percentage points over the last five years (2017-2021), the two extremes being between -0, 3 and 0.7 percentage of pint, both occurring in 2021.

With each new estimate, CBS also determines new seasonally adjusted numbers for previously released quarters. The growth figure for the first quarter of 2022 has been adjusted from 0.4 to 00.5 percentt.

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