The Dutch economy showcased notable growth in the third quarter of 2024, expanding by 0.8 percent quarter-on-quarter (QoQ) and 1.7 percent year-on-year (YoY), as reported by Statistics Netherlands (CBS). This marks a slight decline from the previous quarter, where the economy experienced a 1.1 percent QoQ increase.
In Q3 2024, the growth was primarily driven by a rise in public and household consumption. Notably, household spending saw a 0.8 percent increase QoQ, with consumers opting to spend more on clothing, home goods, and energy. Public consumption also rose by the same percentage, while investments in fixed assets climbed by 0.7 percent QoQ.
During this period, exports of goods and services increased by 0.4 percent QoQ. In contrast, imports rose by a slightly higher rate of 0.6 percent QoQ, leading to a decline in the trade balance by 1 percent.
This latest economic performance underscores the resilience of the Dutch economy amid global uncertainties, driven largely by domestic consumption patterns. As the year progresses, monitoring these trends will be crucial for understanding how the economy navigates future challenges and opportunities.
