Macroeconomic scoreboard
| Periods | Real effective exchange rate Real effective exchange rate, index (%) | Nominal unit labour costs Nominal unit labour costs, index (%) | Deflated house prices (%) |
|---|---|---|---|
| 2023* | 108.6 | 131.0 | -10.0 |
| 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 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.
- Nominal unit labour costs
- Nominal unit labour costs are defined as the ratio between nominal labour costs per employee and labour productivity.
- Nominal unit labour costs, index
- Nominal unit labour costs - index
The nominal unit labour costs are defined as the ratio of labour costs per employee to labour productivity. Labour costs are the ratio of total compensation of employees to the number of employees. The total compensation of employees consists of wages and salaries and employers' social contributions. Labour productivity is calculated as the ratio of gross domestic product (price level 2010) to the total employment.
Eurostat's method for calculating nominal unit labour costs deviates from the concept 'labour costs'. Labour costs not only consist of wages and salaries that are periodically and directly paid to employees and employers' social contributions, but also costs that are associated with the employment of personnel, such as wages in kind, holiday allowances and refunds for training costs made by the employee. Besides, wage subsidies are deducted. In this table, figures are presented according to the definition of Eurostat and the European Commission.
In addition to the nominal unit labour costs, Statistics Netherlands presents quarterly figures on unit wage costs in the table 'Loonkosten per eenheid product; nationale rekeningen'. The wage costs are the total of wages, social contributions paid by employers and taxes on wage costs minus wage cost subsidies.
Sources:
The data are from Statistics Netherlands' national accounts.
Calculation of the scoreboard indicator:
Nominal unit labour costs are calculated on the basis of available data: compensation of employees, gross domestic product (price level 2010), number of employees and number of persons employed.
Interpretation of the indicator:
Positive growth means that labour costs are rising faster than labour productivity, which may adversely affect the competitiveness in the long term.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit for the change on three years previously: + 9 percent for Eurozone countries and + 12 percent for non-Eurozone countries.
- Deflated house prices
- Deflated house prices, % change on one year previously.
Deflated house prices are the ratio between the house price index on the one hand and the deflator for household consumption on the other.
The house price index shows the average price development of all own (i.e. non-rental) homes, both existing and newly constructed, which are intended for permanent residence by a private household.
The deflator for household consumption reflects average price developments in consumption expenditure by households (including non-profit institutions serving households). This deflator is similar, but not identical, to the consumer price index (CPI).
Sources:
The house price index is calculated by Statistics Netherlands (CBS). Statistics Netherlands does not yet publish the house price index used here, but does publish a price index of existing residential property on a quarterly basis. See the website of Eurostat for more information about the house price index.
The deflator for household consumption is derived from Statistics Netherlands’ national accounts.
Calculation of the scoreboard indicator:
The house price index is divided by the deflator for household consumption. Subsequently the percentage change with respect to one year previously is calculated.
Interpretation of the indicator:
The indicator compares the development of house prices with the development of the average consumer prices for households. Positive growth means that house prices are rising faster than consumer prices. In time, this may indicate a price bubble in the housing market.
Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +6 percent.