Dutch economy grew faster than expected in early 2025

The Dutch economy grew by 0.4% in the first quarter of 2025, according to a revised estimate by national statistics agency CBS. The agency earlier put the growth forecast at just 0.1%.

The stronger growth is mainly due to upward adjustments in the trade balance and household spending, the CBS said.

Compared to the same period a year earlier, the economy grew by 2.2%. This too was a slight upward revision from the earlier estimate of 2%.

The number of jobs in the Netherlands fell by 2,000 in the first quarter of 2025, a much smaller decline than the 14,000 previously reported. Compared to a year earlier, there were 88,000 more jobs, up from the initial estimate of 86,000.

Households also saw their real disposable income rise by 2.2% in the first quarter compared to the year earlier period. The CBS said the increase was due mainly to higher wages and a rise in social security benefits, which are linked to the minimum wage.

The total wage bill for employees grew by 6.5%, reflecting a 1% increase in the number of jobs and a 5.4% rise in collective labour agreement wages. Households also paid 4.8% more in taxes and social security contributions.

At the same time, total mortgage debt rose by €11 billion compared to the previous quarter, reaching €889.8 billion. The CBS said the increase was due to higher house prices and a rise in home sales.

However, because the economy also expanded, mortgage debt as a share of GDP remained steady at 79.1% — the lowest level since the third quarter of 2001.