Economic situation hardly changes

22/09/2017 15:00
According to the CBS Business Cycle Tracer, the economic situation is more or less the same in September compared to one month previously. Statistics Netherlands (CBS) reports that all indicators in the Tracer published mid-September 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.

Manufacturers and consumers positive

The consumer confidence indicator declined in September. Opinions of Dutch consumers on the economic climate deteriorated. Willingness to buy remained more or less stable.

Confidence among Dutch manufacturers again deteriorated in August. Manufacturers were mainly less positive about their order books. However, producer and consumer confidence are both far above the level of their long-term average.

Exports, household consumption and investments up

The volume of investments in tangible fixed assets was over 9 percent up in July 2017 relative to the same month last year. This is mainly due to higher investments in airplanes, residential property, machinery and passenger cars.

The total volume of goods exports grew by nearly 7 percent in July 2017 compared to the same month one year previously. In July, exports of (electrotechnical) machinery, appliances and cars increased most notably. Both exports of goods produced in the Netherlands and re-exports were higher in volume than one year previously.

Dutch consumer spending was nearly 3 percent up in July 2017 year-on-year. Consumers mainly spent more on home furnishing articles.

Manufacturing output up in July

The average daily output generated by the Dutch manufacturing industry was 3 percent up in July 2017 from July 2016. The growth rate was slightly lower than in June. The strongest growth was seen in the electrotechnical equipment industry.

Lowest number of bankruptcies after 2000

The number of corporate bankruptcies has declined further. There were 39 fewer bankruptcies in August than in July 2017. The number of bankruptcies reached its lowest level in this century.

Labour market improves further

The number of jobs held by employees and self-employed rose by 53 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 (ILO definition) amounted to 426 thousand in Q2. This number declined by 10 thousand per month on average over the past three months. The unemployment rate stood at 4.7 percent.

Turnover temp agencies continues to rise

Turnover generated by temping agencies, employment agencies and payroll companies grew by 2.0 percent in Q2 2017 relative to Q1 2017. This growth is higher than in the preceding quarter. The total number of temp hours increased by over 4 percent, the highest increase since Q2 2007.

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 second 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 Tuesday 14 November 2017, CBS will publish the first estimate of GDP and employment in Q3 2017.

Sources