Macroeconomic scoreboard

Macroeconomic scoreboard

Periods Net international investment position (%)
2021* 93.8
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 April 2022:
For all indicators except for the long-term unemployment, figures on the fourth quarter of 2021 have been added, as well as the annual figure for 2021. For the long-term unemployment, nominal unit labour cost, activity rate and the youth employment rate the figure for the third quarter of 2021 is added.
Furthermore, some figures have been adjusted: all figures have been adjusted for the first three quarters of 2021. The figures for the unemployment rate are changed.

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

Net international investment position
Net international investment position, % of gross domestic product (GDP).

The net international investment position is the value of financial assets of Dutch residents abroad minus the value of financial assets of non-residents in the Netherlands.

The net international investment position can be divided into:
- Net direct investment;
- Net portfolio investment;
- Net financial derivatives;
- Net official reserves;
- Net other investment.

Sources:
The net international investment position is based on the balance of payments as compiled by De Nederlandsche Bank (DNB). GDP is compiled by Statistics Netherlands (CBS) on the basis of its available resources.

Calculation of the scoreboard indicator:
The net international investment position is calculated as a percentage of GDP.

Interpretation of the indicator:
If the net international investment position is negative, a country is in debt to the rest of the world. A large negative net international investment position means that a country is sensitive to developments on international capital markets. However, the composition of the assets and debts is critical in this respect. If Dutch equity investors perform worse abroad than foreign equity investors in the Netherlands, the Dutch net international investment position will decrease, but this will not lead to an increase in Dutch vulnerability. If the net international investment position decreases because more money is borrowed abroad, vulnerability will increase, however.

Upper and lower limits:
For this indicator the European Commission has only set a lower limit: -35 percent.