Public consumption fell 4.0 processnt. In addition, households 0.1 percentUsed less than in Q4 2022. Exports and imports of goods and services increased by 0.5 and 1, respectively.3 procent discount. Investments increased by 0.8 per cent.
Construction, business services and the cultural, sports, recreational and other service industries made the largest positive contribution to GDP growth. The government, education and health sector had the most negative contribution.
Corona’s influence on the first calculation
Due to the corona, the growth figures are surrounded by greater uncertainty than usual at the first calculation.
The continuation of the news is about the development in the economy compared to the first quarter of 2021
GDP will grow by 7.0 percent in the first quarter of 2022
According to the first calculation, GDP was in the first quarter of this year 7.0 percentintroduced greater than a year earlier. In particular, household consumption and the trade balance contributed to growth. Public consumption also contributed positively year on year.
Consumers spend more on catering, culture and recreation
In the first quarter, consumers have 10.6 percentspent more than in the first quarter of 2021. The strong growth is partly due to the fact that consumption was at a low level last year. Then there was a hard lockdown throughout the quarter. Also this year, the first quarter started with a lockdown, but more and more easing was implemented from mid-January. As a result, consumers mainly spent more on catering, culture and recreation, clothing and home decor.
Public consumption was 2.5 procents higher than the year before. This is partly due to the government’s extra health expenditure for, among other things, booster vaccinations.
Investments almost equal
In the first quarter of 2022, investment in fixed assets was at about the same level as the year before. More was invested in commercial buildings, software and R&D, but less in aircraft and housing.
Several chemical products, machines and services are exported
Exports of goods and services fell in the first quarter 4.7 procent higher than a year earlier. In particular, several chemical products, machinery and food went abroad. Exports of services were also significantly higher than in the first quarter of 2021. Furthermore, exports of Dutch industrial goods were almost at the same level as the year before, while re-exports (exports of previously imported products) fell by almost 3 percentgraft grew.
Imports of goods and services were 2.9 percentget higher. The trade balance contributed positively to economic growth.
|Gross domestic product||7||6.5|
|Imports of goods and services||2.9||5.3|
|Exports of goods and services||4.7||6.6|
|Investments in fixed assets||0.1||2.4|
Most industries register growth
The added value (the difference between the production and consumption of energy, materials and services) in the culture, sports, recreation and other service industries grew by more than 50 procent and therefore the loudest of all industries. Especially sports, relaxation, art and culture grew. It is the fourth consecutive quarter of growth for this industry, but the loss from the corona measures in the first quarter of 2020 through the first quarter of 2021 has not yet fully recovered.
The added value of trade, transport and catering in the first quarter was 13.6 spercent higher than the year before. The catering industry in particular grew rapidly, but the added value of trade and transport was also higher than the year before. In the first quarter of last year, the hotel industry and aviation, as well as the culture, sports, recreation and other service industries, suffered greatly from the severe downturn.
Business services grew with 10.7 pctcent. Consulting companies within management and the temporary and travel industry contributed particularly to this. However, the added value of the travel industry has not yet fully recovered from the corona battles.
The added value of health and welfare care was almost 7 percenthigher than the year before. This can be mainly attributed to the GGZs and the GGDs (booster vaccinations). The production of childcare was also back at the level before the corona. Last year, it was partially closed in the first quarter.
The industry grew by almost 6 percent. The machinery, chemical, metal and electrical industries in particular contributed to this. The construction sector grew by more than 4 percentgraft.
|Culture, sports, recreation and other services||53.3||10.7|
|Trade, catering, transport and storage||13.6||11.8|
|Information and communication||7||7.8|
|Government, education and care||4.6||4.9|
|Property rental and trade||4.2||3.1|
|The construction industry||4.1||4.5|
|Agriculture, forestry and fishing||-1.9||-1.4|
|Water and waste||-4.1||1.1|
The first statement, 45 days after the end of a quarter, is published on the basis of the information available at that time. This gives CBS an initial picture of the state of the Dutch economy. After this first calculation, more information about the Dutch economy is available on an ongoing basis, which is then processed in new calculations. Statistics Netherlands publishes the second economic growth calculation on Friday 24 June. The absolute adjustment of the second calculation compared to the first calculation was on average 0.09 percentage points over the last five years (2017-2021). The two extremes were -0.3 and 0.7 percentage points, both in 2021.
With each new calculation, Statistics Holland also determines the new seasonally adjusted figures for the previously published quarters. The growth figures for the three previous quarters have not been adjusted.