Macroeconomic scoreboard
| Periods | Current account balance, % of GDP (%) |
|---|---|
| 2023* | 10.5 |
| Source: CBS. | |
Dataset is not available.
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
- Current account balance, % of GDP
- Current account balance, % of gross domestic product (GDP), three-year moving average.
The current account balance is made up of three parts:
- The trade balance: value of exports of goods and services minus value of imports of goods and services;
- Balance on income: primary income received from the rest of the world minus primary income paid to the rest of the world. Primary income consists of compensation of employees, taxes and subsidies on production and imports, and property income;
- Net current transfers: current transfers received from the rest of the world minus current transfers paid to the rest of the world. Current transfers are dividend tax, social security premiums and benefits and other current transfers.
Sources:
The current account balance is based on the balance of payments as set by the De Nederlandsche Bank (DNB). The GDP is compiled by Statistics Netherlands (CBS) on the basis of its available sources.
Calculation of the scoreboard indicator:
First, the current account balance is calculated as a percentage of GDP. Subsequently the three-year moving average of these percentages is calculated.
Interpretation of the indicator:
In most cases, a current account surplus means that an economy has a positive trade balance, i.e. it exports more than it imports. A positive trade balance contributes to economic growth and may be the result of a strong international competitiveness.
Usually, a current account surplus is accompanied by a net capital outflow, which improves the economy's net international investment position. Conversely, a long-term current account deficit is accompanied by a net capital inflow, which can make the economy vulnerable to foreign investment sentiment.
Upper and lower limits:
For this indicator, the European Commission has set a lower limit of -4 percent and an upper limit of +6 percent.