Dutch Q4 GDP Growth Confirmed at 0.5%

The Dutch economy expanded by 0.2% quarter-on-quarter in Q1 2026, revised up from an initial estimate of 0.1% but slowing from 0.4% growth in Q4, marking the weakest expansion in a year. The slowdown was mainly driven by weaker external demand, as exports of goods and services fell 0.2% after rising 0.7% in the previous quarter, while imports edged up 0.1% for a second consecutive quarter. Meanwhile, domestic demand remained resilient, with national final expenditure increasing 0.5% after a 0.1% decline in Q4. Household consumption rose 0.3% after stagnating in the previous quarter, government spending increased 0.7%, and gross fixed capital formation accelerated to 0.7% from 0.1%, supported by stronger investment by businesses, households, and the government. Changes in inventories remained unchanged at -0.2% of GDP. On an annual basis, GDP grew 1.4%, revised up from the preliminary estimate of 1.2% but slowing from 1.8% in the prior period.

The Dutch economy grew just 0.1% quarter-on-quarter in Q1 2026, following a downwardly revised 0.4% expansion Q4 2025 and below the expected 0.2%, preliminary estimates showed. Growth was supported by public consumption, investment, and inventories, while net exports weighed. Fixed investment rose 0.7%, driven by aircraft and machinery, while public consumption increased 0.5% on higher healthcare and wage spending. Household consumption was unchanged. On the external side, exports of goods and services fell 0.6% as goods exports dropped 1.2%, particularly machinery and transport equipment, while services exports rose 0.8%. Imports were flat. On an annual basis, the GDP rose 1.2%. Public consumption (+2.7%), household consumption (+0.6%), and investment (+1.5%) all increased, but stronger imports (2.3%) than exports (1.4%) made net trade a drag. By sector, the public sector, trade, accommodation and food services, and transportation and storage were the largest positive contributors.

The Dutch economy expanded by 0.5% quarter-on-quarter in Q4 2025, confirming preliminary estimates and matching the one-year high growth recorded in Q3. Net trade was the main contributor to growth, as exports of goods and services rose by 1.0% (vs 1.1% in Q3), while imports edged up just 0.1% (vs 0.4%). Fixed investment also rebounded slightly, increasing by 0.1% after a 1.4% contraction in the previous quarter. Meanwhile, government spending growth remained steady at 0.7%, while household consumption growth eased slightly to 0.2% from 0.3%. On an annual basis, the economy grew by 1.8%, confirming initial estimates and picking up from a 1.7% expansion in Q3, supported by contributions from net trade, household consumption, and public spending. For the full year, GDP also expanded by 1.8%, with household consumption, public spending, and net trade driving growth in 2025.