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 October 2020:
For all indicators figures except for the long-term unemployment the second quarter of 2020 have been added.
The figures for the first quarter of 2020 have been adjusted.

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

Nominal unit labour costs
Nominal unit labour costs are defined as the ratio between nominal labour costs per employee and labour productivity.
Nom.unit lab.costs,change on 3 year prev
Nominal unit labour costs - % change on three years previously.

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. Subsequently, the percentage change compared to three years previously is calculated.

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: + 9 percent for Eurozone countries and + 12 percent for non-Eurozone countries.
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.