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This is a significant upward revision from the 0.1% estimate, with revised upward momentum largely coming from stronger household spending and an improved trade balance.
Compared with the same period in 2024, the economy grew at an annual rate of 2.2 percent, also higher than the previous estimate of 2 percent. These numbers indicate that the Dutch economy got off to a better start of the year than previously assumed.
Jobs and Incomes Grow, Mortgage Debt Rises Too
The job market was also stronger than previously understood. Job losses in the first quarter were only 2,000, down from the previous estimate of 14,000. There were 88,000 more jobs on an annual basis, just above the last print of 86,000.
Real disposable income of households was up by 2.2 percent year-over-year. CBS said the increase is connected with the subsistence minimum linked to higher salaries and social-due payments.
The total wage bill for workers rose by a 6.5%, including 1% additional job numbers and 5.4% additional wages agreed through collective labour agreements.
Households, however, shelled out 4.8% more in taxes and social security contributions.
Mortgage Debt Hits New High as Housing Market Heats Up
The total mortgage debt reached € 889.8 billion, which implies an increase of € 11 billion from the previous quarter. The increase was driven largely by rising home prices and an increase in property sales. Even so, mortgage debt as a share of gross domestic product remained at 79.1% — the lowest level since the third quarter of 2001 — due to the broader growth of the economy.
"The updated numbers show that we're still facing some difficulties, especially in housing costs, but it's clear as well that the Dutch economy is firm, with more growth in the sails than we had foreseen on our way to 2025."
