Macroeconomic scoreboard

Macroeconomic scoreboard

Periods Private sector credit flow Households credit flow (%)
2021 2nd quarter* 3.8
Source: CBS.
Explanation of symbols

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 6 October 2021:
For all indicators except for the long-term unemployment, figures on the first quarter of 2021 have been added. For the long-term unemployment the figure for the fourth quarter of 2020 is added.
Furthermore, some figures have been adjusted: 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 the first quarter of 2021. Shares of world exports, change 5 years previous have been adjusted for the fourth quarter and the year of 2020 and the first quarter of 2021.

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 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.
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.