The Dutch economy posted a 0.4% growth in the first quarter (Q1) of 2025 compared to the previous quarter, according to the second estimate released by Statistics Netherlands (CBS). On a year-on-year (YoY) basis, the economy expanded by 2.2%, revised upward from the earlier estimate of 2%, reflecting stronger-than-expected household consumption and an improved trade balance.
CBS also noted positive contributions from public consumption and investments. Revisions to past data further reshaped the economic picture: Q1 2024 growth was adjusted from a 0.1% decline to a 0.1% increase, Q3 2024 was revised from 0.8% to 0.6%, and Q4 2024 saw growth revised up from 0.3% to 0.5%.
Annual GDP growth for 2024 has now been set at 1.1%, up from the previous estimate of 1%. In contrast, growth for 2023 was revised downward from 0.1% to -0.6%, suggesting a weaker baseline prior to the current recovery trend.
On the labor front, employment in Q1 2025 decreased by just 2,000 compared to the previous quarter—an improvement over the earlier reported drop of 14,000. Year-on-year, employment climbed by 88,000, slightly exceeding the previous estimate of 86,000, signaling resilience in the Dutch labor market despite short-term fluctuations.
