Macroeconomic scoreboard

Table description


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 7 January 2021:
For all indicators figures on the third quarter of 2020 have been added except for nominal unit labour costs.
Furthermore, some figures have been adjusted: net international investment position, the private credit flow, non-financial corporations credit flow, households credit flow, private sector debt, households debt, non-financial corporations credit flow and total debt financial sector have been adjusted for second quarter of 2020.

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

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.
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.
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.