Economic picture equally negative in May

The economic picture was equally negative in May as it was in April, according to the CBS Business Cycle Tracer. In the Tracer for May, 11 of the 13 indicators were below their long-term trend.

The CBS Business Cycle Tracer is a tool used to monitor the state of the Dutch economy. It provides an overall macroeconomic picture of the past month or quarter based on all the figures published by Statistics Netherlands (CBS). This picture will still vary between households, enterprises or regions, however.

Consumers and producers more negative

Consumers and producers were more negative in May than they were in April. Producer and consumer confidence were below the average for the past twenty years.

Exports down, household consumption remained the same, investment rose

Household consumption remained the same as in the fourth quarter. Households spent more on clothing and food, but less on transport equipment and fuels.

Exports of goods fell by 1.2 percent in Q1 2026 compared to Q4 2025. Fewer machinery and transport equipment were exported, in particular.

Investments in fixed assets rose by 0.7 percent compared to the fourth quarter of 2025. That was mainly due to increased investment in aircraft and machinery.

Manufacturing output nearly 2 percent higher in March, year on year

In March 2026, the calendar-adjusted output of the Dutch manufacturing sector was 1.7 percent higher than it was in March 2025. Manufacturing output rose by 2.8 percent relative to February.

Fewer bankruptcies in April

Adjusted for the number of court session days, there were 8 fewer bankruptcies in April than in March, a decrease of 3 percent.

House prices up by over 4 percent in April, year on year

The average price of an owner-occupied home (excluding newbuild homes) was 4.3 percent higher in April, year on year. In the previous month, the price increase was 5 percent. Compared to March 2026, prices remained the same in April.

Fewer hours worked, fewer vacancies, unemployment down

There were 397 thousand unemployed people in the Netherlands in April, or 3.9 percent of the labour force (aged 15 to 74 years). This compares to 4.0 percent in March. The number of unemployed persons has fallen by an average of 6 thousand per month over the past three months.

In Q1 2026, employees and self-employed persons worked over 3.7 billion hours in total. Adjusted for seasonal effects, this was down by 0.2 percent from Q4.

At the end of Q1 2026, there were 378 thousand vacancies, a decrease of 6 thousand compared to the previous quarter. The number of vacancies has fallen in almost every quarter since the third quarter of 2022.

In Q4 2025, the turnover of temporary employment and job placement agencies was 0.8 percent higher, year on year.

Economic growth of 0.1 percent in Q1 2026

According to the first estimate from Statistics Netherlands (CBS), gross domestic product (GDP) grew by 0.1 percent in Q1 2026, relative to the previous quarter. Public consumption, investment and changes in inventories made a positive contribution to growth, but exports made a negative contribution.