The Dutch economy contracted by 0.5 percent in the first quarter of 2024 compared to the previous quarter, according to Statistics Netherlands (CBS). This was a slightly larger contraction than initially reported, when the economy was said to have shrunk by 0.4 percent. The first calculations are made 45 days after the end of a quarter, while the second calculation comes approximately 85 days after the quarter’s end with more complete data. CBS noted that despite the revision, the economic picture has not changed significantly.
The decline in GDP in the first quarter was mainly attributed to lower exports, which were linked to a decrease in industry. The new calculation also took into account recently implemented revisions of the annual accounts in line with European Commission recommendations. CBS incorporated new sources and methods to ensure alignment with underlying statistics and international guidelines.
Following the revision, CBS adjusted previous economic growth figures. The growth in Q4 of 2023 was revised to 0.1 percent instead of 0.3 percent, while Q3 saw a contraction of 0.4 percent, not 0.3 percent as initially reported. The second quarter showed no change in the economy, as opposed to the initial report of a contraction of 0.4 percent
