Macroeconomic scoreboard

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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 10 January 2024:
The figures for every indicator have been added for the third quarter of 2023.
Furthermore, some indicator figures have been adjusted due to updated source data.

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.
Long-term unemployment,3-yr change,p.p.
Long-term unemployment, 3-years change, percentage points.

This indicator shows the change in the long-term unemployment rate expressed in percentage points compared to three years previously. The long-term unemployment rate is defined as the percentage of the active population which is unemployed and has looked for work for a year or more. The active population is the sum of the number of employed and the number of unemployed people. A person is considered employed if he or is paid for at least one hour of work per week. A person is considered unemployed if he or she does not work, but is actively looking for work and available.
Sources:
Data are compiled by Eurostat, using Statistics Netherlands's underlying data from the Labour Force Survey.

Calculation of the indicator:
The long-term unemployment rate is the number of long-term unemployed people as a percentage of the total active population. Subsequently, the change on three years previously expressed in percentage points of either the four-quarter moving average or the annual figure is published.

Interpretation of the indicator:
The long-term unemployment rate shows how large the group of people is which has not been able to find work for a long time. A high long-term unemployment rate indicates that there are substantial persistent mismatches on the labour market. An increase in long-term unemployment indicates that these mismatches are getting more substantial.

Upper and lower limits:
The European Commission has set an upper limit (+0.5 percentage points).
Youth unemployment
Youth unemployment, 3-yrs change in p.p
Youth unemployment, 3-years change in percentage points.

This indicator shows the change in the youth unemployment rate relative to three years previously, expressed in percentage points. The youth unemployment rate is defined as the number of unemployed people in the age category 15-24 as a percentage of the total active population in the same age category. The total active population is the sum of the employed and the unemployed labour force. A person is considered employed if he or is paid for at least one hour of work per week. A person is considered unemployed if he or she does not work, but is actively looking for work and available.

Sources:
Figures are compiled by Statistics Netherlands.

Calculation of the indicator:
First, youth unemployment is determined by expressing the number of unemployed people in the age category 15-24 as a percentage of the total active population in that age category. Then, the four quarter moving average of the youth unemployment rate is calculated. Subsequently, the change in percentage points relative to three years previously is calculated.

Interpretation of the indicator:
A high youth unemployment rate indicates that it is hard for youngsters to find work. Usually, youth unemployment tends to respond faster to changes in the business cycle than unemployment in other age categories. If youth unemployment increases, this is often a sign that demand on the labour market is decreasing.

Upper and lower limits:
The European Commission set an upper limit (2.0 percentage points).
Youth unemployment, %
This indicator shows the moving four quarter average of the level of the youth unemployment rate. The youth unemployment rate is defined as the number of unemployed people in the age category 15-24 as a percentage of the total active population in the same age category. The total active population is the sum of the employed and the unemployed labour force. A person is considered employed if he or is paid for at least one hour of work per week. A person is considered unemployed if he or she does not work, but is actively looking for work and available.

Sources:
Figures are compiled by Statistics Netherlands.

Calculation of the indicator:
First, youth unemployment is determined by expressing the number of unemployed people in the age category 15-24 as a percentage of the total active population in that age category. Then, the four quarter moving average of the youth unemployment rate is calculated.

Interpretation of the indicator:
A high youth unemployment rate indicates that it is hard for youngsters to find work. Usually, youth unemployment tends to respond faster to changes in the business cycle than unemployment in other age categories. If youth unemployment increases, this is often a sign that demand on the labour market is decreasing.