The Netherlands Economy Rebounds in Q2 2024
GDP Growth of 1% Quarter-on-Quarter
The Netherlands economy expanded by 1% quarter-on-quarter in the three months to June 2024, rebounding from a revised 0.3% decline in the previous quarter. The growth was primarily driven by exports of goods.
Key Figures
- Dutch GDP rose by 1% quarter-on-quarter (QoQ) in Q2 2024.
- The economy expanded by 0.8% year-on-year (YoY) in Q2 2024.
- GDP growth in the euro area and EU was 0.3% QoQ in Q2 2024.
Factors Contributing to Growth
The growth in goods exports was partially offset by a decline in services exports and a slowdown in domestic demand. However, the overall impact was positive, leading to the 1% QoQ increase in GDP.
Economic Outlook
The Dutch economy slowed down markedly in 2023, with GDP growth reaching just 0.1%. However, the rebound in Q2 2024 suggests that the economy is now on a recovery path. This is supported by the European Commission's forecast of 1.4% GDP growth for the Netherlands in 2024.
Conclusion
The Netherlands economy has shown resilience in the face of global economic headwinds. The rebound in Q2 2024 is a positive sign, indicating that the economy is on track for a recovery in the coming quarters.
References
- Eurostat - GDP and main components (output, expenditure and income)
- CBS - Dutch economy grew by 1 percent in the second quarter of 2023
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