Finance

Dutch economy is growing even faster than expected

This is evident from figures from the Central Bureau of Statistics (CBS). This is the second calculation of the statistical office. On August 14, Statistics Netherlands released its first calculation, which resulted in economic growth of 3.1 percent.

On closer inspection, that turns out to be 3.8 percent. The adjustment is considerably larger than has been customary in recent years. The first estimate is based on a limited number of indicators. More new information about the economy has been added since the middle of last month.

Consumers

The fact that growth is growing a lot faster than previously calculated is because both consumers and the government are spending more than initially thought.

Last month it was already clear that the growth is mainly driven by consumers and furthermore by exports. Government expenditure also contributes, but companies invested less.

End of lockdown

In the second quarter, corona measures were phased out and consumers were also able to spend more in shops, cafes and restaurants.

As a result, the Netherlands climbed out of the recession it ended up in due to the corona crisis.

Two weeks ago, economists at Rabobank already said that the Dutch economy is recovering faster than other countries in Europe. We will probably be above the level before the corona crisis in the current third quarter, according to the Rabobank economists.

Also more jobs than expected

Because the economy was performing better than initially estimated, the increase in the number of jobs in the second quarter was also higher than previously thought. There were not 133,000 jobs added compared to the first quarter, but 153,000 jobs.

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