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 2 April 2021:
For all indicators except for the long-term unemployment, figures on the fourth quarter of 2020 have been added, as well as the annual figure for 2020. For the long-term unemployment the figure for the third quarter of 2020 is added.
Furthermore, some figures have been adjusted: Current account balance, Net international investment position, shares of world exports, house price index, 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 three quarters 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.
Private sector debt as a % of GDP
Private sector debt, % of gross domestic product (GDP).

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 included.

Sources:
The data are from Statistics Netherlands' national accounts.

Calculation of the scoreboard indicator:
Private debt is calculated as a percentage of GDP.

Interpretation of the indicator:
A high debt increases the vulnerability of the private sector 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 worsening economic situation may persuade banks to tighten their conditions with respect to collateral. As a result households may receive lower mortgage loans with potential implications for the developments on the housing market and in the construction sector.

Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +133 percent.
Household sector debt as a % of GDP
The household sector debt includes the total debt of households and non-profit institutions. The debts include only 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:
Household debt is calculated as a percentage of GDP.

Interpretation of the indicator:
A high debt increases the vulnerability of the households 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. As a result households may receive lower mortgage loans with potential implications for the developments on the housing market and in the construction sector.

Upper and lower limits:
The European Commission has set an upper limit for total private sector debt (including non-financial corporations): +133 percent.
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.
Government debt as a % of GDP
Government debt, % of gross domestic product (GDP).

The consolidated debt of the general government (valued at the nominal value) excluding other accounts payable and the debt on financial derivatives, expressed as a percentage of GDP. For the general government the public debt is consolidated. This means that transactions between government-units are eliminated.
Due to differences in valuation method the sum of the debt-titles of the public debt (nominal) is not equal to the sum of the debt-titles in the national accounts (market value). The debt consists of the titles: currency, short-term securities, bonds, short-term loans and long-term loans. General government debt (also known as EDP-debt) is one of the components of the Stability and Growth pact. EDP stands for Excessive Deficit Procedure.


Sources:
The data are from Statistics Netherlands' national accounts.

Calculation of the scoreboard indicator:
Government debt is calculated as a percentage of GDP.

Interpretation of the indicator:
A high government debt reduces the government’s room to manoeuvre, as it has to reserve a large part of it revenues yearly for interest payments and thus may not be able to implement counter-cyclical policies, or provide guarantees to financial institutions in the event of a financial crisis.

Upper and lower limits:
For this indicator, the European Commission has set only an upper limit: +60 percent.