Macroeconomic scoreboard
Explanation of symbols
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This table shows the indicators of the macroeconomic scoreboard. Furthermore, some additional indicators are shown. To identify in a timely manner existing and potential imbalances and possible macroeconomic risks within the countries of the European Union in an early stage, the European Commission has drawn up a scoreboard with fourteen indicators. This scoreboard is part of the Macroeconomic Imbalance Procedure (MIP). This table contains quarterly and annual figures for both these fourteen indicators and nine additional indicators for the Netherlands.
The fourteen indicators in the macroeconomic scoreboard are:
- Current account balance as % of GDP, 3 year moving average
- Net international investment position, % of GDP
- Real effective exchange rate, % change on three years previously
- Share of world exports, % change on five years previously
- Nominal unit labour costs, % change on three years previously
- Deflated house prices, % change on one year previously
- Private sector credit flow as % of GDP
- Private sector debt as % of GDP
- Government debt as % of GDP
- Unemployment rate, three year moving average
- Total financial sector liabilities, % change on one year previously
- Activity rate, % of total population aged 15-64, change in percentage points on three years previously
- Long-term unemployment rate, % of active population aged 15-74, change in percentage points on three years previously
- Youth unemployment rate, % of active population aged 15-24, change in percentage points on three years previously
The additional indicators are:
- Real effective exchange rate, index
- Share of world exports, %
- Nominal unit labour costs, index
- Households credit flow as % of GDP
- Non-financial corporations credit flow as % of GDP
- Household debt as % of GDP
- Non-financial corporations debt as % of GDP
- Activity rate, % of total population aged 15-64
- Youth unemployment rate, % of active population aged 15-24
Data available from: first quarter of 2006.
Status of the figures:
Annual and quarterly data are provisional.
Changes as of 8 April 2024:
The figures for every indicator have been added for the 4th quarter of 2023 and for the year 2023.
Furthermore, some indicator figures have been adjusted due to updates in past sources.
When will new figures be published?
New data are published within 120 days after the end of each quarter. The first quarter may be revised in October, the second quarter in January. Quarterly data for the previous three quarters are adjusted along when the fourth quarter figures are published in April. This corresponds with the first estimate of the annual data for the previous year. The annual and quarterly data for the last three years are revised together with the publication of the first quarter in July.
Description topics
- Nominal unit labour costs
- Nominal unit labour costs are defined as the ratio between nominal labour costs per employee and labour productivity.
- Nom.unit lab.costs,change on 3 year prev
- Nominal unit labour costs - % change on three years previously.
The nominal unit labour costs are defined as the ratio of labour costs per employee to labour productivity. Labour costs are the ratio of total compensation of employees to the number of employees. The total compensation of employees consists of wages and salaries and employers’ social contributions. Labour productivity is calculated as the ratio of gross domestic product (price level 2010) to the total employment.
Eurostat's method for calculating nominal unit labour costs deviates from the concept 'labour costs'. Labour costs not only consist of wages and salaries that are periodically and directly paid to employees and employers' social contributions, but also costs that are associated with the employment of personnel, such as wages in kind, holiday allowances and refunds for training costs made by the employee. Besides, wage subsidies are deducted. In this table, figures are presented according to the definition of Eurostat and the European Commission.
In addition to the nominal unit labour costs, Statistics Netherlands presents quarterly figures on unit wage costs in the table 'Loonkosten per eenheid product; nationale rekeningen'. The wage costs are the total of wages, social contributions paid by employers and taxes on wage costs minus wage cost subsidies.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Nominal unit labour costs are calculated on the basis of available data: compensation of employees, gross domestic product (price level 2010), number of employees and number of persons employed. Subsequently, the percentage change compared to three years previously is calculated.
Interpretation of the indicator:
Positive growth means that labour costs are rising faster than labour productivity, which may adversely affect the competitiveness in the long term.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: + 9 percent for Eurozone countries and + 12 percent for non-Eurozone countries.
- Nominal unit labour costs, index
- Nominal unit labour costs - index
The nominal unit labour costs are defined as the ratio of labour costs per employee to labour productivity. Labour costs are the ratio of total compensation of employees to the number of employees. The total compensation of employees consists of wages and salaries and employers' social contributions. Labour productivity is calculated as the ratio of gross domestic product (price level 2010) to the total employment.
Eurostat's method for calculating nominal unit labour costs deviates from the concept 'labour costs'. Labour costs not only consist of wages and salaries that are periodically and directly paid to employees and employers' social contributions, but also costs that are associated with the employment of personnel, such as wages in kind, holiday allowances and refunds for training costs made by the employee. Besides, wage subsidies are deducted. In this table, figures are presented according to the definition of Eurostat and the European Commission.
In addition to the nominal unit labour costs, Statistics Netherlands presents quarterly figures on unit wage costs in the table 'Loonkosten per eenheid product; nationale rekeningen'. The wage costs are the total of wages, social contributions paid by employers and taxes on wage costs minus wage cost subsidies.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Nominal unit labour costs are calculated on the basis of available data: compensation of employees, gross domestic product (price level 2010), number of employees and number of persons employed.
Interpretation of the indicator:
Positive growth means that labour costs are rising faster than labour productivity, which may adversely affect the competitiveness in the long term.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit for the change on three years previously: + 9 percent for Eurozone countries and + 12 percent for non-Eurozone countries.
- Private sector credit flow
- The private sector credit flow shows by how much debts of households, non-profit institutions and non-financial companies have increased (or decreased), excluding price developments of bonds and money market paper.
- Private sector credit flow as a % of GDP
- Private sector credit flow, % of gross domestic product (GDP).
The private sector credit flow shows by how much debts of households, non-profit institutions and non-financial companies have increased (or decreased), excluding price developments of bonds and money market paper. Debts include only securities (excluding shares and derivatives) and loans, and are consolidated, i.e. debts within the same sector are not included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
The private credit flow is calculated as a percentage of GDP.
Interpretation of the indicator:
A high credit flow to the private sector, consisting of non-financial corporations, households and non-profit institutions serving households, increases the vulnerability of these sectors to developments in the business cycle, interest rates and inflation. Strong price fluctuations in financial and non-financial assets may also have their origin in changes in the private credit flow.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +14 percent.
- Households credit flow
- Households sector credit flow as a % of GDP.
The households sector credit flow shows by how much debts of households and non-profit institutions have increased (or decreased), excluding price developments of bonds and money market paper. Debts include only securities (excluding shares and derivatives) and loans, and are consolidated, i.e. debts within the same sector are not included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
The households sector credit flow is calculated as a percentage of GDP.
Interpretation of the indicator:
A high credit flow to households and non-profit institutions serving households increases the vulnerability of these sectors to developments in the business cycle, interest rates and inflation. Strong price fluctuations in financial and non-financial assets may also have their origin in changes in the credit flow.
Upper and lower limits:
The European Commission has set only an upper limit for the total private credit flow (including non-financial corporations): +14 percent.
- Non-fin. corporations credit flow
- Non-financial corporations sector credit flow as a % of GDP.
The non-financial corporations sector credit flow shows by how much debts of non-financial corporations have increased (or decreased), excluding price developments of bonds and money market paper. Debts include only securities (excluding shares and derivatives) and loans, and are consolidated, i.e. debts within the same sector are not included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
The non-financial corporations sector credit flow is calculated as a percentage of GDP.
Interpretation of the indicator:
A high credit flow to non-financial corporations increases the vulnerability of these sectors to developments in the business cycle, interest rates and inflation. Strong price fluctuations in financial and non-financial assets may also have their origin in changes in the credit flow.
Upper and lower limits:
The European Commission has set only an upper limit for the total private credit flow (including households and non-profit institutions): +14 percent.
- Private sector debt
- The debt of the private sector includes the total debt of households, non-profit institutions and non-financial corporations. The debts includes only securities (excluding shares and derivatives) and loans, and are consolidated, i.e. debts within the same sector are not taken into account.
- Private sector debt as a % of GDP
- Private sector debt, % of gross domestic product (GDP).
The debt of the private sector includes the total debt of households, non-profit institutions and non-financial corporations. The debts includes only securities (excluding shares and derivatives) and loans, and are consolidated, i.e. debts within the same sector are not included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Private debt is calculated as a percentage of GDP.
Interpretation of the indicator:
A high debt increases the vulnerability of the private sector to changes in economic conditions, interest rates or inflation. Part of the outstanding debt must be refinanced periodically. Rising interest rates may lead to higher periodic interest payments for borrowers. A worsening economic situation may persuade banks to tighten their conditions with respect to collateral. As a result households may receive lower mortgage loans with potential implications for the developments on the housing market and in the construction sector.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +133 percent.
- Household sector debt as a % of GDP
- The household sector debt includes the total debt of households and non-profit institutions. The debts include only loans, and are consolidated, i.e. debts within the same sector are not included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Household debt is calculated as a percentage of GDP.
Interpretation of the indicator:
A high debt increases the vulnerability of the households to changes in economic conditions, interest rates or inflation. Part of the outstanding debt must be refinanced periodically. Rising interest rates may lead to higher periodic interest payments for borrowers. A deteriorating economic situation may persuade banks to tighten their conditions with respect to collateral. As a result households may receive lower mortgage loans with potential implications for the developments on the housing market and in the construction sector.
Upper and lower limits:
The European Commission has set an upper limit for total private sector debt (including non-financial corporations): +133 percent.
- Non-financial corporations sector debt
- Non-financial corporations sector debt as a % of GDP.
The non-financial corporations sector debt includes the total debt of households and non-profit institutions. The debts include only loans, bonds and money market paper, and are consolidated, i.e. debts within the same sector are not included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Non-financial corporations debt is calculated as a percentage of GDP.
Interpretation of the indicator:
A high debt increases the vulnerability of the non-financial corporations to changes in economic conditions, interest rates or inflation. Part of the outstanding debt must be refinanced periodically. Rising interest rates may lead to higher periodic interest payments for borrowers. A deteriorating economic situation may persuade banks to tighten their conditions with respect to collateral.
Upper and lower limits:
The European Commission has set an upper limit for total private sector debt (including households and non-profit institutions): +133 percent.
- Government debt as a % of GDP
- Government debt, % of gross domestic product (GDP).
The consolidated debt of the general government (valued at the nominal value) excluding other accounts payable and the debt on financial derivatives, expressed as a percentage of GDP. For the general government the public debt is consolidated. This means that transactions between government-units are eliminated.
Due to differences in valuation method the sum of the debt-titles of the public debt (nominal) is not equal to the sum of the debt-titles in the national accounts (market value). The debt consists of the titles: currency, short-term securities, bonds, short-term loans and long-term loans. General government debt (also known as EDP-debt) is one of the components of the Stability and Growth pact. EDP stands for Excessive Deficit Procedure.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Government debt is calculated as a percentage of GDP.
Interpretation of the indicator:
A high government debt reduces the government’s room to manoeuvre, as it has to reserve a large part of it revenues yearly for interest payments and thus may not be able to implement counter-cyclical policies, or provide guarantees to financial institutions in the event of a financial crisis.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +60 percent. - Total financial sector liabilities
- Total financial sector liabilities - % change on one year previously.
This indicator shows the total of all financial liabilities of the financial sector. This includes deposits, loans, bonds, equity, insurance-related. The debt is not consolidated, i.e. debts within the financial sector are included.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
The total liabilities of the financial sector are calculated. Subsequently, the annual percentage change is calculated.
Interpretation of the indicator:
The size of the financial sector liabilities is an indicator of the level of exposure to potential financial shocks in the real economy. A change in financial sector liabilities indicates a change in vulnerability to changes in the economy, interest rates or inflation.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +16.5 percent.