Netherlands - Real Gross Domestic Product





Netherlands: Real Gross Domestic Product

Mnemonic GDP$.INLD
Unit Mil. 2015 EUR, SA
Adjustments Seasonally Adjusted
Quarterly 0.4 %
Data 2019 Q2 189,004
2019 Q1 188,257

Series Information

Source Statistics Netherlands
Release GDP
Frequency Quarterly
Start Date 3/31/1988
End Date 6/30/2019

Netherlands: GDP

Reference Last Previous Units Frequency
Government Consumption 2019 Q2 48,637 48,233 Mil. EUR, SA Quarterly
Investment 2019 Q2 42,572 41,947 Mil. EUR, SA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2019 Q2 42,572 41,947 Mil. EUR, SA Quarterly
Nominal Gross Domestic Product 2019 Q2 201,599 199,348 Mil. EUR, SA Quarterly
Private Consumption 2019 Q2 88,525 87,475 Mil. EUR, SA Quarterly
Real Fixed Investment (gross fixed capital formation) 2019 Q2 40,236 39,763 Mil. 2015 EUR, SA Quarterly
Real Government Consumption 2019 Q2 45,193 45,166 Mil. 2015 EUR, SA Quarterly
Real Gross Domestic Product 2019 Q2 189,004 188,257 Mil. 2015 EUR, SA Quarterly
Real Investment 2019 Q2 40,236 39,763 Mil. 2015 EUR, SA Quarterly
Real Private Consumption 2019 Q2 83,324 82,645 Mil. 2015 EUR, SA Quarterly

Release Information

The Quarterly National Accounts (QNA) gives integrated and coherent information on the economic process. The QNA provide a quantitative description of Expenditure on the GDP, GDP by kind of economic activity and the Cost components of GDP. All concepts and definitions used in the QNA are the same as those in the annual National Accounts.

These in turn are compatible with internationally agreed concepts and definitions used by the United Nations (SNA) and the EU (ESER). In the printed QNA publication is a chapter in which the main concepts are briefly explained. A more detailed description of the methods used in the compilation of QNA can be found in: Occasional Paper nr.

NA-025, the methodology of the Dutch system of quarterly accounts, Netherlands Central Bureau of Statistics.

Gross domestic product (GDP) is the final result of the production activities of resident producer units. It is equal to the total value added at basic prices of industries, supplemented with some transactions which are not attributed to individual industries. The value added (basic prices) by industry is equal to the difference between output (basic prices) and intermediate consumption (purchasers' prices). The transactions which are not attributed to individual industries are the balance of taxes and subsidies on products and the difference between imputed and paid VAT (value added tax). Gross domestic product also equals the value of income generated in the Netherlands.

Expenditure approach to GDP - The first chapter of this publication introduces the expenditure approach of Gross Domestic Product (GDP). The connection between GDP and expenditure components comes in to focus in this chapter. The menu of this chapter shows the supply and disposition of goods and services scheme which contains the expenditure components of GDP.

Disposable for final expenditure - The total amount of domestic generated goods and services (GDP) and the imported goods and services are adding up to the disposable for final expenditure. This variable is by definition equal to the total final expenditure, which is the sum of the National final expenditure and the exports of goods and services.

Import of goods and services (fob) - On the macro level imports of goods is valued free on board (fob) at the border of the exporting country. The transition from valuation of imported goods at cif to fob consists of:

  • a cif/fob adjustment of the transport costs abroad of Dutch freighters. Total imports (goods) and exports (services) are reduced by the same amount.
  • a cif/fob reclassification of the transport costs abroad of foreign freighters, from imports of goods to imports of services. It leaves total imports and total exports unchanged.

Imports of goods are goods intended for residents, which are imported from abroad into the Dutch economic territory. Included in imports of goods are raw materials, semi-

manufactured products, fuels and final products. Also included are imported goods, which are re-exported without undergoing any processing. Imports of services include among other things the expenditures abroad by Dutch tourists, inhabitants of the border area and diplomats.

Total final expenditure - The sum of the National final expenditure and the exports of goods and services. This variable is by definition equal to the disposable final expenditure (GDP and imports).

Gross national final expenditure - Gross national final expenditure is the sum of the final consumption expenditure, the gross fixed capital formation and the changes in inventories.

National final expenditure, total - Gross national final expenditure is the sum of the final consumption expenditure, the gross fixed capital formation and the changes in inventories.

Final consumption expenditure - Final consumption expenditure consists of expenditure incurred by resident institutional units on goods and services that are used for the direct satisfaction of individual needs or wants or the collective needs of members of the community. Final consumption expenditure may take place on the domestic territory or abroad. Final consumption expenditure exists only for households, NPI households and general government.

Final consumption expenditure, total - Final consumption expenditure consists of expenditure incurred by resident institutional units on goods and services that are used for the direct satisfaction of individual needs or wants or the collective needs of members of the community. Final consumption expenditure may take place on the domestic territory or abroad. Final consumption expenditure exists only for households, NPI households and general government.

Consumption by households incl. NPISH - Final consumption expenditure by households and by Non-Profit Institutions Final consumption expenditure by households includes the following borderline cases:

  • Income in kind like accommodation, food, clothing etc.
  • Services of dwellings, which are occupied by the owners themselves and without any actual rent payments. These services are valued by applying the rents of similar dwellings.
  • Goods and services produced for own use, as in agriculture. The value of these products is calculated by applying the market prices for similar products.
  • Durable consumption goods such as private cars, household appliances, furniture and clothing. However, the purchases of dwellings by households are not seen as final consumption, but as fixed capital formation by households. The detailed data on consumption of households concern private domestic consumption expenditure. This includes final consumption in the Netherlands by residents and non-residents. Final consumption by households can be calculated by deducting from private domestic consumption expenditure the final consumption by non-residents in the Netherlands (registered as exports) and adding final consumption by households in the rest of the world (registered as imports). Final consumption expenditure by NPI households

Final consumption expenditure by NPI households consists of all the non-market output of this sector excluding the own account capital formation.

Consumption by general government - Final consumption expenditure by general government results from the specific recording of government output. Only a small part of government output is actually sold (market output). The larger part of government output is paid out of public funds and provided free of charge to all sectors (non-market output). Because the allocation of government output to different users will encounter large problems, the government is by convention considered to be the consumer of its own output.

Gross fixed capital formation - Fixed assets are produced tangible or intangible assets that are used in the production process for more than one year. Gross fixed capital formation consists of producers' acquisitions less disposals of fixed assets:

  • Acquisitions, less disposals, of tangible fixed assets:
  • Acquisitions, less disposals, of intangible fixed assets:
  • Major improvements to land (reclamation, land consolidation and land preparing for building). Fixed capital formation also includes:
  • Work in progress of construction such as unfinished dwellings, non-residential buildings and civil engineering works are recorded as fixed capital formation of the client.
  • Military structures and equipment, similar to those used by civilian producers, such as airfields and hospitals.
  • Improvements to existing fixed assets that go well beyond the requirements of ordinary maintenance and repairs.
  • Transfer costs of fixed assets, such as conveyance fees and costs made by real estate agents, architects and notaries. On the level of the total economy and the sectors, an adjustment is made for the transactions in used fixed assets, which are seen as investments of the buyer and disinvestment of the seller. This adjustment is not made for the industries.

Gross fixed capital formation, total - Fixed assets are produced tangible or intangible assets that are used in the production process for more than one year. Gross fixed capital formation consists of producers' acquisitions less disposals of fixed assets:

  • Acquisitions, less disposals, of tangible fixed assets:
  • Acquisitions, less disposals, of intangible fixed assets:
  • Major improvements to land (reclamation, land consolidation and land preparing for building). Fixed capital formation also includes:
  • Work in progress of construction such as unfinished dwellings, non-residential buildings and civil engineering works are recorded as fixed capital formation of the client.
  • Military structures and equipment, similar to those used by civilian producers, such as airfields and hospitals.
  • Improvements to existing fixed assets that go well beyond the requirements of ordinary maintenance and repairs.
  • Transfer costs of fixed assets, such as conveyance fees and costs made by real estate agents, architects and notaries. On the level of the total economy and the sectors, an adjustment is made for the transactions in used fixed assets, which are seen as investments of the buyer and disinvestment of the seller. This adjustment is not made for the industries.

Changes in inventories - Changes in inventories including acquisitions less disposals of valuables Inventories consist of all raw materials, semi-manufactured goods, work in progress and final products that producers have in stock at a certain moment. Changes in work in progress are in general considered to be changes in inventories. However, work in progress in construction is seen as fixed capital formation of the client and not as changes in inventories of the construction industry. This concerns unfinished buildings and civil engineering works. Increases in inventories occur when goods are produced (or purchased) but not yet sold (or used) in the year under review. Decreases in inventories occur when goods are withdrawn from existing inventories in order to be sold or used in the production process. The assessment of the changes in inventories is done in such way that gains or losses on inventories caused by price changes are avoided. With this objective the initial and final stock of each good is valued at the same price, namely raw materials at the average purchase price in the period, final products at average sales price and work in progress at the average cost price. This valuation method prevents output and subsequently value added from being influenced by changes in prices of stocks during the period under review. Acquisitions less disposals of valuables This transaction consists of the acquisitions less disposals of precious stones, non-monetary gold, antiques, art objects and jewelry, that are acquired and held primarily as stores of value. In the national accounts this transaction is mostly combined with changes in inventories.

Exports of goods and services (fob) - Exports of goods are goods, which have been exported by residents from the Dutch economic territory to the rest of the world. The exports of services include the services of Dutch transport enterprises abroad, harbor services, ships repair services and engineering of works by Dutch contractors abroad.

Also included in the exports of services are expenditures by foreign tourists, inhabitants of the border area and diplomats in the Netherlands.

Production approach to GDP - The composition of GDP from the value added of all economic activities is provided in this chapter. Gross domestic product at market prices (GDP) is calculated as follows:

total value added at basic prices of industries

plus:   balance of taxes and subsidies on products

plus: VAT, taxes on imports, subsidies on re-exports cannot be attributed to individual industries. Therefore, GDP at market prices cannot be broken down completely by industry.

Data of total value added available from 1995 q1. Other components from 1995 q1.

Gross domestic product, market prices - GDP is the total amount of domestic generated goods and services (expenditure approach). It is also the sum of value added in all branches of economic activities (production approach) and the total generated income in the Netherlands (income approach).

Volume, on corresponding period (y/y) - Quarters: Percentage volume changes on corresponding quarter of previous year. Years: Percentage volume changes on previous year.

The time series are adjusted for seasonal and calendar influences for all expenditure variables independent of one another. The Census X-12 method is used for seasonal adjustment.

Income Approach
The income approach of gross domestic product is provided in this chapter of the publication.
Scheme:
Compensation of employees          (+)
Operating surplus (net)            (+)
Tax on productions and imports     (+)
Subsidies                          (-)
= Gross domestic product (net)
Consumption of fixed capital       (+)
= Gross domestic product (gross)

Compensation of employees
Compensation of employees is the total remuneration paid by employers to their employees in return for work done. Employees are all residents and non-residents working in a paid job. Managing directors of limited companies are considered to be employees; therefore their salaries are also included in the compensation of employees. The same holds for people working in sheltered workshops. Compensation of employees is distinguished between wages and salaries and employers' social contributions.

Operating surplus (net)
Operating surplus / mixed income
Gross operating surplus by industry is the balance that remains after deducting from the value added (basic prices) the compensation of employees and the balance of other taxes and subsidies on production. The operating surplus of family enterprises is called mixed income, because it also contains compensation for work by the owners and their family members. On the level of the total economy operating surplus is computed by adding to the total of the industries the difference imputed and paid VAT and by deducting the consumption of imputed bank services.
Net operating surplus / mixed income remains after deducting consumption of fixed capital from gross operating surplus / mixed income.

Taxes less subsidies
Taxes on production and imports less subsidies.
Taxes on production and imports
Taxes on production and imports are compulsory payments to the government and the European Union (EU), which are related to production, imports and to the use of production factors. Taxes on production and imports are classified into taxes on products and other taxes on production.
Subsidies
Subsidies are current payments from the government or the EU to producers with the objective to influence output prices, employment or the remuneration of production factors. Subsidies are distinguished between subsidies on products and other subsidies on production.

Net domestic product maket prices
Net domestic product at market prices is the sum of the compensation of employees, the net operating surplus and the difference between taxes on production and imports and the subsidies.

Consumption of fixed capital
Consumption of fixed capital represents the depreciation of the stock of produced fixed assets, as a result of normal technical and economical ageing and insurable accidental damage. Losses due to catastrophes and unforeseen ageing are seen as a capital loss. Consumption of fixed capital is calculated on the basis of the perpetual inventory method (PIM). This method starts with calculating the replacement value of the stock of produced fixed assets at the beginning of a year. This is done by correcting the value of this stock for price changes that occur in that year for comparable fixed assets. Subsequently, fixed capital formation is added and the value of discarded fixed assets is deducted from the stock. This leads to an estimation of the value of the stock of produced fixed assets at the end of the year. For each type of asset, consumption of fixed capital is calculated by dividing its average annual value by its expected life span. This method may differ considerably from the method used to calculate depreciation in business accounts, which is based on historical costs or fiscal life span.

Gross domestic product (market prices)
GDP is the total amount of domestic generated goods and services (expenditure approach). It is also the sum of value added in all branches of economic activities (production approach) and the total generated income in the Netherlands (income approach).

Current prices
Value at current prices, at millions euros 

The National Accounts Netherlands have performed a major revision in 2005. The data on 1987 to 2005 are revised. Data of previous periods are not revised. They will be released in the coming years.

In June 2014, Statistics Netherlands began reporting data in terms of ESA 2010. Data from 1995Q1-2014Q1 are reported following ESA 1995, and all figures are final. The source reports data from 2001Q1-present in terms of ESA 2010. As all national accounts figures for 2001-2010 are provisional, expect revisions with upcoming updates.

Quarterly National Accounts release the first estimate of a quarter after 45 days. The second estimate is published after 90 days. Each year data from Quarterly National Accounts will be adjusted to the new Annual National accounts. Quarterly data of the last three years will be adjusted to the annual totals.

In the printed QNA publication is a chapter in which the main concepts are briefly explained. A more detailed description of the methods used in the compilation of QNA can be found in: Occasional Paper nr. NA-025, The methodology of the Dutch system of quarterly accounts, Netherlands Central Bureau of Statistics.