The Netherlands’ GDP expanded by 0.4% quarter-on-quarter in Q1 2025, revised up from an initial estimate of 0.1%, but slightly slower than the upwardly revised 0.5% growth recorded in Q4. The upward adjustment was driven by a positive contribution from net trade, with exports rising 0.1% (vs 0% in Q4) while imports declined 0.1% (vs -1.2%).
There were also positive, though moderating, contributions from household consumption (0.4% vs 0.6%) and government spending (0.5% vs 0.8%). Meanwhile, fixed investment contracted by 2.3%, reversing from a 2.6% increase in Q4, weighed down by declines in both business and household investments (-2.6%) and government investment (-0.4%). On the production side, activity was notably higher in energy (0.2% vs -1.5%), water companies (1.1% vs -2%), and trade, transport, and catering (1.1% vs 0.7%). On an annual basis, GDP grew by 2.2%, the fastest pace since Q4 2022 and above the initial estimate of 2%.
