Netherlands' economy shrinks by 0.2% in Q2 2023

In this second estimate, the trade balance was slightly boosted while investments were adjusted downwards. The contraction is primarily due to a decline in trade balance and household consumption. Despite these adjustments, the overall economic landscape remains unchanged.

CBS conducts the second estimate 85 days following the end of each quarter.  Historically, the adjustment in the second estimate compared to the first has averaged around 0.1 percentage points over the last five years. The extremes of -0.3 and 0.7 occurred in 2021, CBS said in a press release.

The GDP also showed a 0.2 per cent contraction year-on-year for Q2 2023. Manufacturing and business services were the primary contributors to the upward adjustment, which had initially estimated a 0.3 per cent contraction.

The labour market showed resilience, with the second estimate indicating an addition of 9,000 jobs in Q2 2023. The first estimate had predicted an increase of 7,000 jobs. On a year-on-year basis, there was an increase of 185,000 employee and self-employed jobs.

ALCHEMPro News Desk (KD)