Economic situation improves

According to the CBS Business Cycle Tracer, the economic situation improved in August. Statistics Netherlands (CBS) reports that all indicators in the Tracer published mid-August are performing above the level of their long-term trend.

Statistics Netherlands’ Business Cycle Tracer is a tool used to monitor the economic situation and economic developments. It uses thirteen key macro-economic indicators, which - together - provide a coherent picture of the state of the Dutch economy as published by CBS during the last month or quarter.

Business cycle tracer indicator (unweighted average of the indicators in the Business Cycle Tracer)
 cycle
2010 J-0.61
2010 F-0.58
2010 M-0.55
2010 A-0.48
2010 M-0.44
2010 J-0.39
2010 J-0.33
2010 A-0.28
2010 S-0.21
2010 O-0.14
2010 N-0.05
2010 D0.03
2011 J0.1
2011 F0.18
2011 M0.24
2011 A0.27
2011 M0.32
2011 J0.33
2011 J0.32
2011 A0.3
2011 S0.23
2011 O0.14
2011 N0.06
2011 D-0.01
2012 J-0.06
2012 F-0.11
2012 M-0.14
2012 A-0.17
2012 M-0.24
2012 J-0.3
2012 J-0.36
2012 A-0.46
2012 S-0.53
2012 O-0.59
2012 N-0.7
2012 D-0.79
2013 J-0.87
2013 F-0.99
2013 M-1.07
2013 A-1.13
2013 M-1.21
2013 J-1.24
2013 J-1.24
2013 A-1.23
2013 S-1.18
2013 O-1.11
2013 N-1.03
2013 D-0.95
2014 J-0.89
2014 F-0.82
2014 M-0.79
2014 A-0.77
2014 M-0.73
2014 J-0.71
2014 J-0.69
2014 A-0.65
2014 S-0.63
2014 O-0.61
2014 N-0.57
2014 D-0.53
2015 J-0.49
2015 F-0.42
2015 M-0.35
2015 A-0.29
2015 M-0.22
2015 J-0.16
2015 J-0.11
2015 A-0.05
2015 S0
2015 O0.03
2015 N0.07
2015 D0.1
2016 J0.12
2016 F0.17
2016 M0.2
2016 A0.23
2016 M0.3
2016 J0.35
2016 J0.4
2016 A0.49
2016 S0.54
2016 O0.6
2016 N0.71
2016 D0.79
2017 J0.86
2017 F0.98
2017 M1.05
2017 A1.11
2017 M1.22
2017 J1.27
2017 J1.31
2017 A1.4

Manufacturers and consumers positive

The consumer confidence indicator improved in July. Opinions of Dutch consumers on the economic climate improved. Willingness to buy hardly changed.

Confidence among Dutch manufacturers deteriorated slightly in July. Manufacturers were mainly less positive about their future output. However, producer and consumer confidence are both above the level of their long-term average.

Consumer and producer confidence (seasonally adjusted)
 Consumer confidenceProducer confidence
2010 J-4-6.2
2010 F-6-4.8
2010 M-6-3.1
2010 A-7-1.4
2010 M-90.6
2010 J-13-0.8
2010 J-11-2
2010 A-70.2
2010 S-8-0.1
2010 O-70.3
2010 N-30.2
2010 D-72.6
2011 J-42.5
2011 F01.5
2011 M15.7
2011 A-24.3
2011 M-42.7
2011 J-61.7
2011 J-8-2.2
2011 A-16-3.2
2011 S-27-0.5
2011 O-34-3.1
2011 N-35-4.8
2011 D-36-1.3
2012 J-37-1.8
2012 F-36-1.7
2012 M-36-2.8
2012 A-32-3.4
2012 M-34-4.9
2012 J-37-4.8
2012 J-33-5.4
2012 A-31-4.7
2012 S-28-6.6
2012 O-29-7.6
2012 N-33-6.8
2012 D-38-5.6
2013 J-37-5.6
2013 F-41-3.7
2013 M-41-5.1
2013 A-37-5.6
2013 M-32-4.1
2013 J-33-3.8
2013 J-35-3.1
2013 A-32-1.4
2013 S-31-2.4
2013 O-26-0.3
2013 N-16-0.3
2013 D-110.1
2014 J-60.7
2014 F-2-0.1
2014 M11.1
2014 A40.3
2014 M60.7
2014 J60.7
2014 J51.2
2014 A20
2014 S-2-0.2
2014 O12
2014 N-22.4
2014 D-43.4
2015 J-22.8
2015 F-12
2015 M71.4
2015 A103.3
2015 M114.1
2015 J144.6
2015 J133.7
2015 A133.5
2015 S113.8
2015 O122.4
2015 N144
2015 D133
2016 J113.2
2016 F63.1
2016 M23.9
2016 A64.7
2016 M74.4
2016 J115.4
2016 J95.1
2016 A91.2
2016 S123.4
2016 O174.3
2016 N213.4
2016 D214.7
2016 J216
2016 F227
2016 M247.8
2016 A268.3
2016 M236.1
2016 J237.2
2016 J256.6

Exports, household consumption and investments up

Exports of goods and services grew by 4.5 percent in Q2 2017 relative to Q2 2016. Dutch companies exported mainly more chemical products, machinery and appliances. Exports of Dutch products and re-exports (i.e. exports of imported products) increased at approximately the same rate.

Dutch consumer spending was 2.5 percent up in Q2 2017 year-on-year. The growth rate is higher compared to the preceding quarters. Consumers mainly spent more on clothing, electric appliances and home furnishing articles. Consumer spending on food, beverages and tobacco products was also up from one year previously.

Dutch consumers also spent more on services, e.g. in hotels and restaurants. Furthermore, foreign consumers spending also grew compared to one year previously. Easter fell in Q2 this year; in Q1 last year.

The volume of investments in tangible fixed assets was 4.1 percent up from Q2 2016. Investments in residential property and passenger cars increased significantly.

Manufacturing output up in June

Average daily output generated by the Dutch manufacturing industry was 3.3 percent up in June 2017 from June 2016. The growth rate was slightly lower than in May. Over more than one and a half years, manufacturing output has continually been above the level of the same month one year previously. The strongest growth was seen in the transport equipment industry.

Fewer bankruptcies in July

In July 2017, the number of bankruptcies was 34 down from June. The decline follows an increase in May and June. Most bankruptcies in July were recorded in the trade sector.

Labour market improves further

The number of jobs held by employees and self-employed rose by 51 thousand in Q2 2017 relative to Q1 2017. The number of job vacancies grew by 20 thousand in Q2 2017, the most substantial quarterly increase in over 10 years. Unemployment declined by 19 thousand and amounted to 452 thousand in Q2. The unemployment rate stood at 5.0 percent.

Turnover temp agencies continues to rise

Turnover generated by temp employment agencies, providers of job placement services and payroll services grew by 1.1 percent in Q1 2017 relative to Q4 2016. Growth was slightly smaller than in the preceding quarter. The total number of temp hours also increased further in Q1.

Gross Domestic Product (volume, seasonally adjusted)
 Index
2010 I100.4
2010 II101
2010 III101.3
2010 IV102.6
2011 I103.3
2011 II103.2
2011 III103.2
2011 IV102.4
2012 I102.3
2012 II102.3
2012 III101.9
2012 IV101.2
2013 I101.5
2013 II101.3
2013 III101.9
2013 IV102.5
2014 I102.3
2014 II102.9
2014 III103.3
2014 IV104.5
2015 I105.3
2015 II105.3
2015 III105.7
2015 IV106.1
2015 I106.9
2015 II107.3
2015 III108.2
2015 IV109
2015 I109.7
2015 II111.4

GDP growth 1.5 percent in Q2 2017

Gross domestic product (GDP) rose by 1.5 percent in Q2 2017 relative to Q1 2017 as shown in the first estimate of GDP conducted by CBS. Exports and household consumption were the main contributors to economic growth. Investments also grew. The GDP growth rate was 3.3 percent in Q2 2017 compared to Q2 2016.

On Friday 22 September 2017, CBS will publish the second estimate of GDP and employment in Q2 2017.

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