GDP was up by 5.3 per cent relative to Q2 2021. The balance of trade (exports minus imports) and investments contributed the most to economic growth. Household consumption also made a positive contribution.
As of August, 11 out of the 13 indicators in the tracer—a tool to monitor the state and the cycle of the Dutch economy—are performing above their long-term trend.
The consumer confidence indicator is positioned well below its long-term average over the past two decades. Producer confidence has deteriorated in August, but is positioned above its long-term average, CBS said in a note.
Consumers spent 5.2 per cent more in June 2022 compared to June last year. They spent more on services, but less on goods. Household consumption growth was less substantial in June than in the preceding months of 2022.
In June this year, the total volume of goods exports was up by 3.8 per cent year on year (YoY). In the previous month, exports increased by almost 3 per cent. The increase over June was mainly seen in exports of machinery and chemical products.
In June 2022, the average daily output generated by the Dutch manufacturing industry was up by 6.2 per cent YoY. The growth was lower than in previous months.
ALCHEMPro News Desk (DS)
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