Net external demand was the main driver of growth, as exports jumped 1.3 percent in the second quarter (vs -0.5 percent in Q1) and imports increased at a slower 0.3 percent (vs 0.4 percent in Q1). Also, fixed investment advanced 1.1 percent (vs 2.6 percent in Q1) and household consumption grew 0.3 percent (vs 1.4 percent in Q1). Government spending rose 0.1 percent (vs 0.4 percent in Q1), while changes in inventories had no contribution to growth (vs 0.5 percentage points in Q1).
Year-on-year, the Dutch economy grew by 3.1 percent year-on-year in the second quarter, above the preliminary estimate of 2.9 percent and following a 2.8 percent expansion in the previous period. It was the strongest growth rate since the second quarter of 2008, mainly driven by exports (3.5 percent vs 2.5 percent in Q1). Also, increases were seen in fixed investment (5.9 percent vs 6.3 percent), household expenditure (2.6 percent vs 3.6 percent) and public spending increased (1.1 percent vs 1.3 percent). Additionally, inventory changes contributed 0.7 percentage points to the GDP growth (vs -1 percentage point in Q1).