Economic outlook more positive

The CBS Business Cycle Tracer is a tool to monitor the state and the cycle of the Dutch economy. It presents a coherent macroeconomic picture of the past month or quarter, based on all the figures published by CBS. However, it does not apply equally to all households, enterprises or regions.

Consumers remain negative, producers less positive

Consumers were almost as negative in May as in April, when consumer confidence fell to its all-time low. The consumer confidence indicator is positioned well below its long-term average over the past two decades. Producer confidence has deteriorated in May, but is positioned well above its long-term average.

Higher household consumption, lower investments and exports

Consumers spent 11.2 percent more in March 2022 compared to March one year previously. They mainly spent more on durable goods and services. The growth is slightly smaller than in February 2022. Last year, there was still a lockdown in March.

In March 2022, the total volume of goods exports was down by 1.9 percent year on year. In the previous month, exports grew by 1.5 percent. The decrease over March was mainly seen in exports of petroleum products, agricultural products and vessels. Exports of machinery, chemical products and metal products, on the other hand, were higher than in March 2021.

The volume of investments in tangible fixed assets was 3.4 percent smaller year on year. This is mainly because investments were made in aircraft in March 2021, but not in March 2022. Investments in buildings and passenger cars were up.

Manufacturing output over 7 percent up in March

In March 2022, the average daily output generated by the Dutch manufacturing industry was up by 7.2 percent on March 2021. Output grew by 10.4 percent in the previous month.

Historically low number of bankruptcies in April

The number of corporate bankruptcies, adjusted for court session days, has decreased. There were 71 fewer bankruptcies in April than in the previous month. The number of pronounced bankruptcies reached its lowest level since the start of the statistic in 1981.

House price increase 19.7 percent in April

In April, owner-occupied dwellings (excluding new constructions) were on average 19.7 percent more expensive than in the same month last year. In the previous month, the price increase was 19.5 percent.

More hours worked and vacancies, fewer unemployed

In Q1 2022, the number of hours worked adjusted for seasonal effects was 4 percent higher than in Q4 2021. Total hours worked by employees and self-employed people over Q1 2022 amounted to approximately 3.6 billion.

At the end of March, the number of unfilled vacancies stood at 451 thousand. This is 59 thousand more than at the end of the previous quarter. The increase was stronger than in the previous two quarters and the number of unfilled vacancies surpassed the record of Q4 (392 thousand).

In the period February through April, unemployment declined by an average of 13 thousand per month. This resulted in 316 thousand unemployed in April 2022, i.e. 3.2 percent of the labour force.

In Q4 2021, turnover at temporary employment and job placement agencies rose by 4.8 percent relative to the previous quarter. Year on year, this turnover increased by 14.5 percent.

Economy in Q1 2022 virtually the same size as in the previous quarter

According to the first quarterly estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) remained virtually unchanged in Q1 2022 relative to the previous quarter. The balance of trade and the investments contributed positively to economic growth, while public consumption made a negative contribution.

GDP growth in Q1 2022 relative to Q1 2021 amounted to 7.0 percent. Household consumption and the trade balance were higher in particular. Public consumption also made a positive contribution to year-on-year growth.