Dutch economy grows by 4.5 percent

Gross domestic product (GDP) grew 0.6 percent in the fourth quarter of 2022 compared to the third quarter. GDP grew by 4.5 percent for all of 2022, according to recent CBS figures. Growth in the fourth quarter was broad-based, with the trade balance and household consumption making the largest contributions. Dutch economic growth was higher than that in neighboring European countries.

Household consumption, exports and investments grow

Household consumption rose 0.9 percent in the fourth quarter of 2022 compared to the third quarter. Consumers, adjusted for price changes, spent mainly more on services, such as culture and recreation, hospitality, and transportation and communications. Government consumption grew 0.4 percent.

Fixed asset investment rose 0.5 percent in the fourth quarter. Investment was mainly increased in housing, buildings and infrastructure. Exports of goods and services increased 2.4 percent compared to the third quarter of 2022. Imports of goods and services rose 2.2 percent. 

Size of economy 4.5 percent larger than in 2021

The economy grew 3 percent in the fourth quarter 2022 compared to the fourth quarter 2021. GDP grew 4.5 percent last year. That was slightly less than in 2021, when the economy grew by 4.9 percent. Two years in a row with these growth rates is unprecedented this century.

Household consumption contributed the most to growth in 2022 with a 6.6 percent increase. Consumers mainly spent more on services, such as culture and recreation, hospitality and transportation and communications. Fixed investment was 3.1 percent higher than in 2021. Exports were 5.2 percent higher than in 2021. Imports were 4.3 percent higher, so the trade balance contributed positively to economic growth. The culture, sports, recreation and other services industry grew the fastest at 34 percent in 2022.

Cbs.nl