The Dutch economy grew by 0.4% in the last quarter of 2023, slightly faster than in the initial assessment by the government statistics agency CBS.

The CBS also found that GDP contracted by 0.4% compared to the end of 2022, less than previously thought. In both cases the figure was 0.1% higher than the first assessment in mid-February.

The agency said higher government spending, particularly by municipalities, was the main reason for the upward revision, but the growth in the final quarter was driven by household spending.

The new figures also indicated a stronger performance in the jobs market, with 56,000 more employees and self-employed personnel added in the final quarter. Over the year as a whole an additional 114,000 people were in work.

The economy as a whole grew by 0.1% in 2023, a figure which is unchanged from the previous estimate.

The budget deficit grew from 0.1% to 0.3% of GDP over the course of the year, while the national debt was more or less unchanged at €481 million. However, as a percentage of GDP this shrank from 50.1% to 46.5%.

Both figures are well below the European Union’s compliance levels of 60% of debt to GDP and a budget deficit of 3%.