Economic growth accelerates in the third quarter of 2025

GDP growth beats euro area average for the second time in 2025: A first estimate showed that the Netherlands' GDP expanded 0.4% in seasonally adjusted quarter-on-quarter terms in Q3, following an upwardly revised 0.3% expansion in the prior quarter. The figure inched up from the steady growth seen in the first two quarters, each at 0.3%, marking the strongest reading so far this year and beating the euro area average of 0.2% growth. On a year-on-year basis, GDP grew 1.6% in Q3, following a 1.7% expansion in the previous quarter.

Public and private spending plus exports fuel improvement: Compared to the prior period's data, figures in Q3 improved for private consumption (+0.3% on a seasonally adjusted quarter-on-quarter basis vs +0.1% in Q2), government consumption (+1.1% vs +0.5% in Q2) and exports of goods and services (+0.8% vs +0.5% in Q2). In contrast, readings worsened for fixed investment (-1.6% vs +1.6% in Q2) and imports of goods and services (+0.2% vs +1.9% in Q2).

Panelist insight: ING’s Marcel Klok commented on the outlook: “Looking ahead, we expect economic growth to be muted for the remainder of the year, before accelerating back towards a more normal pace in the course of 2026. […] Consumer purchases could gain some more traction– especially going into 2026, as confidence improves further, wages continue to outpace inflation, and some pensioners see support from higher benefits as major pension funds transition to the new defined contribution system. Investment should also benefit from large public efforts next year, while Dutch exports should gain momentum as growth in the eurozone picks up.”

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