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 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

Share of world exports
Share of world exports as a % of world exports.
The share of world exports is defined as the value of exports of goods and services in the Netherlands as a percentage of the value of world exports. The value of exports of goods and services in the Netherlands is based on the balance of payments as compiled by the Dutch Central Bank (DNB).
Share of world exports,change 5 yrs prev
Share of world exports as a % of world exports - % change on 5 years previously.

The share of world exports is defined as the value of exports of goods and services in the Netherlands as a percentage of the value of world exports. The value of exports of goods and services in the Netherlands is based on the balance of payments as compiled by the Dutch Central Bank (DNB).

Sources:
The value of world exports is based on data from the International Monetary Fund (IMF). IMF data are available only on an annual basis; quarterly data are based on an interpolation using both the world export volume index and the world export price index in dollars from the world trade monitor of the Netherlands Bureau for Economic Policy Analysis and euro-dollar exchange rate figures from the Dutch central bank (DNB).

Calculation of the scoreboard indicator:
Exports of goods and services are calculated as a percentage of world exports. Subsequently, the percentage change is calculated with respect to five years previously.

Interpretation of the indicator:
Exports of goods and services are a source of income for a country. A change in a country's share in world exports indicates a change in its relative competitiveness on the world market.

Upper and lower limits:
For this indicator, the European Commission has set only a lower limit: - 6 percent.
Share of world exports, percentage
Share of world exports as a % of world exports

The share of world exports is defined as the value of exports of goods and services in the Netherlands as a percentage of the value of world exports. The value of exports of goods and services in the Netherlands is based on the balance of payments as compiled by the Dutch Central Bank (DNB).

Sources:
The value of world exports is based on data from the International Monetary Fund (IMF). IMF data are available only on an annual basis; quarterly data are based on an interpolation using both the world export volume index and the world export price index in dollars from the world trade monitor of the Netherlands Bureau for Economic Policy Analysis and euro-dollar exchange rate figures from the Dutch central bank (DNB).

Calculation of the scoreboard indicator:
Exports of goods and services are calculated as a percentage of world exports.

Interpretation of the indicator:
Exports of goods and services are a source of income for a country. A change in a country's share in world exports indicates a change in its relative competitiveness on the world market.

Upper and lower limits:
For this indicator, the European Commission has set only a lower limit for the change on five years previously: - 6 percent.
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.