Economic growth of 1.0% in the fourth quarter of 2021

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The growth rate was adjusted upwards, mainly due to the upwardly revised figures for government consumption. The growth in the fourth quarter was largely due to the increase in public consumption, investment and the trade balance.

GDP (volume), seasonally adjusted
2014 Quarter 1 97.3
2014 Quarter 2 97.9
2014 Trimester 3 98.1
2014 Quarter 4 99
2015 Quarter 1 99.6
2015 Quarter 2 99.9
2015 Trimester 3 100.2
2015 Quarter 4 100.3
2016 Quarter 1 101.2
2016 Quarter 2 101.4
2016 Trimester 3 102.6
2016 Quarter 4 103.4
2017 Quarter 1 103.9
2017 Quarter 2 104.9
2017 Trimester 3 105.6
2017 Quarter 4 106.5
2018 Quarter 1 106.9
2018 Quarter 2 107.5
2018 Trimester 3 107.9
2018 Quarter 4 108.4
2019 Quarter 1 109
2019 Quarter 2 109.5
2019 Trimester 3 109.9
2019 Quarter 4 110.4
2020 Quarter 1 108.6
2020 Quarter 2 99.5
2020 Trimester 3 107
2020 Quarter 4 107
2021 Quarter 1 106.4
2021 Quarter 2 110.4
2021 Trimester 3 112.7
2021 Quarter 4 113.8

Second estimate

The second estimate is made approximately 85 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 come in, for example data on sectors such as construction, business services, accommodation and food services, the public sector, care and financial institutions. This data is then integrated into new calculations.

Over the 2016-2020 five-year period, the absolute adjustment of the second estimate compared to the first estimate was on average 0.04 percentage points, with the two extremes at -0.2 and + 0.1 percentwaypoint.

Growth rates in Q1 and Q3 2021 have also been adjusted

With each new estimate, CBS also recalculates seasonally adjusted series for previously released quarters. While making the second estimate for the fourth quarter, CBS also adjusts the first three quarters based on the most recent data. As a result, the quarterly GDP growth rate has been revised for the first and third quarters: first quarter from -0.8 to -0.5 peoplerecent and Q3 from 2.1 to 2.0 percentent.

Growth compared to Q4 2020 adjusted to 6.5%

Year-on-year, the GDP growth rate in the fourth quarter was 6.5 perecent. It was 6.2 percent in the first estimate. Growth rates for Q1, Q2 and Q3 have also been adjusted: from -2.4 to –2.2 percentent, from 10.4 to 10.7 perecent and from 5.2 to 5.4%, respectively. The adjustments are mainly due to upward revisions to the care sector and to the balance of taxes and subsidies on products.

GDP (volume)
2014 Quarter 1 1.3
2014 Quarter 2 1.4
2014 Trimester 3 1.1
2014 Quarter 4 1.8
2015 Quarter 1 1.9
2015 Quarter 2 2.1
2015 Trimester 3 2.5
2015 Quarter 4 1.4
2016 Quarter 1 2.1
2016 Quarter 2 2.3
2016 Trimester 3 2.1
2016 Quarter 4 2.2
2017 Quarter 1 3.2
2017 Quarter 2 3
2017 Trimester 3 2.8
2017 Quarter 4 2.6
2018 Quarter 1 2.6
2018 Quarter 2 2.7
2018 Trimester 3 2.2
2018 Quarter 4 1.9
2019 Quarter 1 1.9
2019 Quarter 2 2
2019 Trimester 3 2.1
2019 Quarter 4 1.9
2020 Quarter 1 -0.2
2020 Quarter 2 -9.2
2020 Trimester 3 -2.6
2020 Quarter 4 -2.9
2021 Quarter 1 -2.2
2021 Quarter 2 10.7
2021 Trimester 3 5.4
2021 Quarter 4 6.5

The Dutch economy grew by 5.0% in 2021

Annual GDP growth for 2021 has also been adjusted to 50.0 percentent, against 4.8 percentent according to the first estimate of February 15. The annual growth in 2021 was mainly due to an increased trade balance as well as higher household and government consumption. Investments have also increased.

59 thousand new jobs

The second estimate shows that in Q4 2021, the number of salaried and self-employed jobs increased by 59,000 compared to Q3 2021. The first estimate mentioned 44,000 additional jobs.
The second estimate further suggests a year-on-year increase of 377,000 salaried and self-employed jobs in the fourth quarter, compared to 353,000 according to the first estimate.

Employment figures are adjusted as additional information becomes available. The figures for the first three quarters of 2021 have also been adjusted based on the most recent data. Overall, the number of salaried and self-employed jobs increased by 203,000 on average in 2021.

Total jobs (seasonally adjusted)
2014 Quarter 1 -12
2014 Quarter 2 18
2014 Trimester 3 23
2014 Quarter 4 29
2015 Quarter 1 36
2015 Quarter 2 33
2015 Trimester 3 37
2015 Quarter 4 42
2016 Quarter 1 12
2016 Quarter 2 54
2016 Trimester 3 46
2016 Quarter 4 56
2017 Quarter 1 62
2017 Quarter 2 66
2017 Trimester 3 75
2017 Quarter 4 73
2018 Quarter 1 80
2018 Quarter 2 71
2018 Trimester 3 66
2018 Quarter 4 46
2019 Quarter 1 57
2019 Quarter 2 40
2019 Trimester 3 34
2019 Quarter 4 54
2020 Quarter 1 48
2020 Quarter 2 -289
2020 Trimester 3 164
2020 Quarter 4 -27
2021 Quarter 1 4
2021 Quarter 2 147
2021 Trimester 3 170
2021 Quarter 4 59
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