The growth rate has been adjusted upward. Compared to the first estimate, household consumption, mainly due to a larger increase in Dutch consumption abroad, and public consumption have been adjusted upwards. However, the trade balance has been revised downwards. Economic growth in the third quarter is mainly due to the increase in household consumption. Public consumption has also increased, but investments and the trade balance have declined.
The second estimate is made 90 days after the end of the quarter. The first estimate, which is calculated 45 days after the end of the quarter, is based on the most recent data available at that time. After the first estimate, new information on the state of the Dutch economy continues to flow, for example data on the construction business services, hotel and catering, utilities and construction sectors. financial sector. These data are then integrated into new calculations.
The adjustment is greater than in the last five years (2106-2020). In absolute terms, the adjustment of the second estimate to the first estimate has averaged 0.04 percentage point over the past five years, with the two extremes lying between -0.2 and + 0.1 percentage point.
Quarterly growth adjustment
With each new estimate, the CBS also recalculates the seasonally adjusted series for previously published quarters. However, this has not resulted in adjustments to quarter-on-quarter growth in previous quarters.
Growth compared to Q3 2020
Year on year, GDP increased by 5.2 byhundred. In the first estimate, the growth was 5.0 peoplerecent. The upward adjustment is caused by new and more figures on wholesale trade, banking and care.
The overall picture of the economy has remained unchanged. Compared to the third quarter of 2020, household consumption and the trade balance are notably up. Investments and public consumption also made a positive contribution to growth.
158,000 additional jobs
The second estimate shows that the number of salaried and self-employed jobs increased by 158 thousandna in Q3 2021 compared to the previous quarter. The first estimate suggested an increase of 162 yousand work.
Compared to Q3 2020, the second estimate for Q3 2021 suggested an increase of 281 yousalaried and self-employed jobs, compared to 283 thousandand according to the first estimate.
Employment figures are adjusted when additional information becomes available.