Disposable income rise leads to minor improvement in Dutch economy in 2023

The Netherlands’ GDP exceeded analysts’ expectations in the final quarter of last year, growing by 0.4% in the three months to December 2023. This growth reversed a three-quarter period of contraction and surpassed market predictions of 0.3%. The increase in GDP was driven by a strong rebound in household consumption (1.9% against -0.2% in Q3) and increased government spending (0.7% against 1.3%).

The news of the GDP growth will be welcomed by the government and Dutch households, as it follows a three-quarter period of economic contraction that began at the start of the previous year. While the GDP was down 0.4% compared to 2022 due to the recession that affected the Netherlands in the first nine months of the year, this figure was revised down from an initial estimate of 0.5%.

Statistics Netherlands also reported that in 2023, real household disposable income rose by 1.4% compared to the previous year, driven by higher wages resulting from increased collective bargaining. Both employees and self-employed individuals experienced an increase in income compared to 2022. Employee compensation grew by 7.7%, with a 1.3% rise in the number of employee jobs and a 6.0% increase in collective pay. Self-employment income, especially in industries like hospitality, specialized business services, real estate rental, trade, and agriculture, saw an 8.7% increase.

By Samantha Robertson

As a seasoned content writer at newsderf.com, my passion for storytelling and creativity shines through in every article I craft. With a keen eye for detail and a knack for research, I thrive on translating complex topics into engaging reads that resonate with our diverse audience. My goal is to inform, entertain, and inspire readers through thought-provoking content that leaves a lasting impact. Join me on this exciting journey as we explore the world of news together.

Leave a Reply