The Dutch economy grew by 1 percent in the second quarter of 2024 compared to the previous quarter, Statistics Netherlands (CBS) on Wednesday based on the currently available data. This is the first solid growth after almost two years of contraction and stagnation, CBS said. Goods exports, investments, and government consumption drove the growth in the second quarter.
After the pandemic low point in mid-2020, the Dutch economy recovered strongly and grew uninterruptedly until mid-2022, when the Russian invasion of Ukraine sparked the energy crisis. Then followed two years of contraction and stagnation. “In the second quarter of 2024, GDP was slightly higher on balance than in the second quarter of 2022,” CBS said.
Compared to the second quarter of 2023, the Dutch economy grew by 0.8 percent. The exports of goods and services increased by 1.
3 percent in the second quarter compared to the first. Exports of chemical products, food, luxury goods, and machinery and equipment increased in particular. The import of goods and services increased less rapidly, by 0.
4 percent. “The trade surplus made the most positive contribution to economic growth in the second quarter,” CBS said. Government consumption grew by 1.
0 percent, with more spending on healthcare, public administration, and asylum seekers' reception. Investments in fixed assets increased by 0.4 percent, with particular increases in transport, housing, and machinery.
Household consumption fell by 1.0 percent compared .