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The second GDP estimate is published 85 days after the end of each quarter.
Netherlands’ gross domestic product (GDP) has decreased by 0.2 per cent in the third quarter (Q3) of 2022, compared to the second quarter of 2022, according to the second estimate conducted by Statistics Netherlands (CBS). The first estimate of CBS, which was published on November 15, 2022, also amounted to 0.2 per cent contraction in the country’s GDP.
For Q3 2022, the increase in household consumption was adjusted from 0.1 to 0.5 per cent. In addition, investments were revised slightly upward, from minus 1.7 per cent to minus 1.6 per cent. However, the decrease in public consumption was adjusted from minus 0.1 per cent to minus 0.4 percent. On balance, the growth figure is equal to that of the first estimate. The overall picture has also not changed. Contraction was mainly due to less investment, as per CBS.
In absolute terms, the adjustment in the second estimate relative to the first estimate has averaged nearly 0.09 percentage points over the past five years (2017-2021), with the two extremes ranging between minus 0.3 and 0.7 percentage points, both occurring in 2021.
With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. This has not led to an adjustment of GDP growth in previous quarters.
On a year-on-year basis, GDP increased by 3.1 per cent in Q3 2022. In the first estimate, the increase also amounted to 3.1 per cent. The overall picture has not changed. Growth was mainly due to a higher trade balance, more household consumption, and larger investments.
The second estimate shows that the number of employee and self-employed jobs increased by 53,000 in Q3 2022 compared to Q2 2022. The first estimate suggested an increase of 59,000 jobs.
Fibre2Fashion News Desk (DP)
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