The Dutch economy grew 0.6 percent in the third quarter from the second, after growth of 0.7 percent in the second quarter, Statistics Netherlands said in its first estimate. The positive balance of trade and the restocking of natural gas reserves were the main drivers.
Exports rose 0.5 percent on the quarter, led by machinery and transport equipment, while imports grew more slowly, lifting the trade balance. Government consumption rose 0.4 percent, with more spent on health care and civil servants’ salaries, and household consumption also rose 0.4 percent on food and clothing. Investment fell 0.1 percent because fewer aircraft were imported than in the previous quarter.
Manufacturing made the largest contribution to growth. Value added in mining and quarrying grew 6.9 percent, the fastest of any sector, and manufacturing grew 2.7 percent, the largest contribution because of the sector’s size, with machinery in particular seeing significant growth.
On the year, GDP was up 2.1 percent, with household consumption up 1.8 percent, public consumption up 2.0 percent, investment up 0.8 percent and exports up 2.7 percent against imports up 2.2 percent. CBS revised second quarter growth up from 0.6 percent to 0.7 percent with this release.