The Dutch economy contracted 0.5% in the first quarter of this year, when compared with the previous quarter, national statistics agency CBS said on Monday, in a revision of earlier figures.

In May, the CBS said the economy had contracted by 0.1% in the first three months of the year, when compared with the final quarter of 2023. Year on year, the economy shrank 0.6%, one percentage point less than the CBS said last month.

The changes are partly due to revised export figures as more information becomes available, the CBS said. The new figures also incorporate revisions in the way the national accounts are calculated.

The European Commission recommends member states revise their calculation methods every five years and this revision is part of that, the CBS said.

The CBS also said on Monday that Dutch households had almost 2% more to spend in the first quarter of this year, when compared with 2023. The increase is mainly down to pay rises, which were up 7.4% year on year.

Dutch households also owe an additional €7.1 billion on their mortgages, when compared with the previous quarter, the CBS said. The total outstanding is now €861.6 billion.