On May 16, 2023, the Dutch statistical agency CBS released the latest figures on the economic growth and labor market developments in the first quarter of 2023. According to CBS Chief Economist Peter Hein van Mulligen, the Dutch economy performed well in Q1 2023, with a growth rate of 3.5% compared to the previous quarter. This is higher than the Eurozone average of 2.8% and places the Netherlands among the top performing economies in the region.
The growth was mainly driven by consumer spending, which increased by 4.2% in Q1 2023. Investment in machinery and equipment also grew by 3.7%, while government consumption increased by 2.8%. However, exports only grew by 1.9%, which is lower than expected due to the ongoing global supply chain disruptions.
On the labor market, the unemployment rate continued to decrease and reached a record low of 3.2% in Q1 2023. The number of employed persons increased by 0.8%, with the largest growth seen in the healthcare and social work sector. However, there is still a shortage of workers in many sectors, which is reflected in rising wage pressures.
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