Macroeconomic scoreboard
| Periods | Real effective exchange rate Real eff.exch.rate,change on 3 yrs prev. (%) | Real effective exchange rate Real effective exchange rate, index (%) | Unemployment rate; 3-year average (%) | Activity rate Activity rate (15-64), 3-years change (%) | Activity rate Activity rate (15-64), % (%) |
|---|---|---|---|---|---|
| 2023* | 5.9 | 108.6 | 3.8 | 4.5 | 85.4 |
| 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
- Real effective exchange rate
- Real effective exchange rate (42 partners).
The real effective exchange rate is defined as the nominal effective exchange rate adjusted for price developments.- Real eff.exch.rate,change on 3 yrs prev.
- Real effective exchange rate (42 partners) - % change on three years previously.
The real effective exchange rate is defined as the nominal effective exchange rate adjusted for price developments.
The nominal effective exchange rate is the trade-weighted exchange rate of a currency compared to some other currencies that are important for the economy. For the scoreboard, the effective exchange rate with 42 trading partners is calculated.
Sources:
The real effective exchange rate is based on data and calculations from the European Commission (DG ECFIN) and is published by Eurostat. See Eurostat's website for more information with regard to the calculation of the real effective exchange rate.
Calculation of the scoreboard indicator:
For the scoreboard, the real effective exchange rate for the Netherland with 42 trading partners (source: Eurostat) is taken as a starting point. Subsequently the percentage change on three years previously is calculated.
Interpretation of the indicator:
The real effective exchange rate reflects both relative price developments and the development of the exchange rates. Negative growth may indicate an improvement in price competitiveness, positive growth a deterioration.
Upper and lower limits:
For this indicator the European Commission has set a lower limit of -5 percent and an upper limit of +5 percent for Eurozone countries, and limits of -11 percent and + 11 percent for non-Eurozone countries.
- Real effective exchange rate, index
- Real effective exchange rate (42 partners), index.
The real effective exchange rate is defined as the nominal effective exchange rate adjusted for price developments.
The nominal effective exchange rate is the trade-weighted exchange rate of a currency compared to some other currencies that are important for the economy. For the scoreboard, the effective exchange rate with 42 trading partners is calculated.
Sources:
The real effective exchange rate is based on data and calculations from the European Commission (DG ECFIN) and is published by Eurostat. See Eurostat's website for more information with regard to the calculation of the real effective exchange rate.
Calculation of the scoreboard indicator:
See Eurostat's website for more information with regard to the calculation of the real effective exchange rate.
Interpretation of the indicator:
The real effective exchange rate reflects both relative price developments and the development of the exchange rates. Negative growth may indicate an improvement in price competitiveness, positive growth a deterioration.
Upper and lower limits:
The European Commission has upper and lower limits for the change on three years previously. The European Commission has set a lower limit of -5 percent and an upper limit of +5 percent for Eurozone countries, and limits of -11 percent and + 11 percent for non-Eurozone countries.
- Unemployment rate; 3-year average
- Unemployment rate, international definition, %, three-year moving average.
The unemployment rate is defined as the unemployed labour force as a percentage of the total labour force.
The international definition (ILO definition) of unemployment is used here. This includes all persons between 15 and 75 years of age without paid work who are actively looking for work and are also available to start work. The national definition of unemployment for the Netherlands includes persons aged between 15 and 65 years without paid work, or with paid work for less than 12 hours per week, who are actively looking for work for 12 hours or more per week and also available to start work.
Sources:
The data are compiled by the Statistics Netherlands (CBS), which publishes the unemployment rate for the Netherlands monthly, according to both the international and the national definition.
Calculation of the scoreboard indicator:
Based on the monthly unemployment rate, a moving three-year annual average is calculated.
Interpretation of the indicator:
Alongside economic growth and inflation, unemployment is one of the main macroeconomic indicators. A rise in unemployment, other than being a social problem, also means that government expenditure on social benefits increases and tax revenues decline. Furthermore, an increase in unemployment has a negative impact on consumption. A high and persistent unemployment may indicate a lack of adaptability of an economy.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +10 percent. - Activity rate
- Activity rate (15-64), 3-years change
- This indicator shows the change in activity rate expressed in percentage points compared to three years previously. The activity rate is defined as the active population as a percentage of the total population in the age category 15-64. The active population is defined as the sum of the employed and the unemployed labour force. The employed labour force consists of people who get paid for working one or more hours per week. The unemployed labour force consists of people who are actively looking for work (one or more hours per week) and directly available.
Sources:
The figures are compiled by Statistics Netherlands.
Calculation of the scoreboard indicator:
The activity rate is published in this table every quarter. Subsequently, a moving four-quarter average and the resulting change on three years previously are calculated. The change on three years previously in percentage points is published.
Interpretation of the indicator:
The activity rate shows which percentage of the population supplies its labour on the labour market. A positive change indicates that more people are available for work, whereas a drop indicates the opposite.
Upper and lower limits:
The European Commission has set a lower limit of -0.2 percentage points.
- Activity rate (15-64), %
- The activity rate is defined as the active population as a percentage of the total population in the age category 15-64. The active population is defined as the sum of the employed and the unemployed labour force. The employed labour force consists of people who get paid for working one or more hours per week. The unemployed labour force consists of people who are actively looking for work (one or more hours per week) and directly available.
Sources:
The figures are compiled by Statistics Netherlands.
Calculation of the scoreboard indicator:
The activity rate is published in this table every quarter. Subsequently, a moving four-quarter average is calculated.
Interpretation of the indicator:
The activity rate shows which percentage of the population supplies its labour on the labour market. A positive change indicates that more people are available for work, whereas a drop indicates the opposite.