Economic situation slightly less positive

The economic situation at the end of August was slightly less positive than at the end of July. The heart of the indicators in the Business Cycle Tracer is located slightly lower on the edge of the high economic growth stage and the downswing stage. Twelve of the fifteen indicators in the Tracer are performing better than their long-term average.

Dutch economic growth slowed down and stood at 2.8 percent in the second quarter. After adjustment for seasonal effects, GDP volume equalled the level of the first quarter of 2008.

Consumers were less pessimistic in August. The mood among manufacturers improved. They expect output to grow in the next months to come. Optimism among business service providers, on the other hand, deteriorated.

Capital market interest remained unchanged in July and averaged 4.7 percent. Inflation continued to rise, and stood at 3.2 percent. Factory gate prices in the manufacturing industry were over 12 percent up on twelve months previously. 

Unemployment decreased by 12 thousand in the period May-July relative to the period April-June. The number of job vacancies in the second quarter of 2008 was lower than in the first quarter, but still remained high. The number of hours worked in temp jobs increased slightly. The number of jobs of employees was 2.1 percent up on the second quarter in 2007. Job growth is marginally down on 2007.

Gross domestic product (GDP)