The Dutch economy expanded by 0.4 per cent in the fourth quarter of 2024 (Q4 2024) compared to the previous quarter, according to the first estimate from Statistics Netherlands (CBS). This follows a stronger growth of 0.8 per cent in third quarter of 2024.
The main drivers of growth in Q4 2024 were a positive trade balance and increased investment, while consumption also played a role in sustaining the economic momentum.
With the release of Q4 figures, the preliminary annual growth rate for 2024 has been determined at 0.9 per cent. This follows a sluggish 0.1 per cent growth in 2023 and was largely supported by higher public and household consumption.
Exports of goods and services increased by 0.4 per cent in Q4 compared to the previous quarter. Machinery, natural gas, and electricity exports saw the largest gains. Meanwhile, imports of goods and services fell by 0.6 per cent, leading to a 7 per cent increase in the trade balance. The decline in natural gas imports was particularly notable, as much of the gas consumption was met through reserves, as per CBS.
Investment in fixed assets rose significantly by 3.0 per cent. Public and household consumption also showed resilience, both increasing by 0.9 per cent quarter-on-quarter.
Value added increased in nearly all sectors of the Dutch economy during Q4, contributing to the overall expansion. The Netherlands outperformed several of its key trading partners, with EU-wide GDP growing by just 0.1 per cent. Year-on-year, Dutch GDP grew by 1.8 per cent in Q4 2024.
For the full year of 2024, public consumption made the largest contribution to economic expansion, increasing by 3.1 per cent. Household consumption also rose by 1.1 per cent. The trade balance remained positive, with exports up by 0.4 per cent, despite a decline in goods exports being offset by growth in services exports. Imports increased by 0.1 per cent.
ALCHEMPro News Desk (HU)
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