Unfavourable economic situation remains

The economic situation at the end of January 2013 was about as unfavourable as at the end of December 2012. Ups and downs more or less cancelled each other out. The heart of the scatter in the Business Cycle Tracer is located deep in the recession stage. All indicators are currently below their long-term average.

The Dutch economy shrank by 1.5 percent in the third quarter of 2012 compared to the same period one year previously. Taking calendar and seasonal effects into account, the economy contracted by 0.9 percent in the third quarter compared to the preceding quarter.

In January 2013, Dutch consumers were less negative than in December 2012. The mood among manufacturers did not alter.

In November, manufacturing output was 0.7 percent up on November 2011. The volume of goods exports was more than 4 percent up. The volume of private sector investments decreased by nearly 11 percent. Household spending on goods and services was 3.0 percent down on November 2011.

The capital market interest rate fell to 1.6 percent in December. The inflation rate was 2.9 percent. Prices of existing owner-occupied dwellings were on average 6.3 percent down on December 2011. Selling prices in manufacturing industry were 2.8 percent higher than twelve months previously.

Seasonally adjusted unemployment increased further in December. The number of jobs fell further in the third quarter. People also worked fewer hours in temp jobs than in the second quarter of 2012. The number of job vacancies was nearly the same as in the second quarter.

Gross domestic product (GDP)