Economic situation slightly better

The economic situation at the end October was slightly better than at the end of September. This is mainly due to the fact that orders received and producer’s confidence have increased. The heart of the indicators in the Business Cycle Tracer is located in the recession stage. All indicators are currently below the level of their long-term average.

The Dutch economy contracted by 5.4 percent in the second quarter compared to the same quarter of 2008. The contraction was larger than in the first quarter. Compared to the preceding quarter the economy shrank by 1.1 percent, taking calendar and seasonal effects into account.

In October, consumers were slightly more pessimistic than in September. The consumer confidence indicator dropped from -17 to -19.The mood among manufacturers improved. Providers of business services were less optimistic about their future turnover than in September.

In August, industrial production was 8 percent down on twelve months previously. The volume of goods exports dropped by 9 percent. Consumer spending fell by 3.5 percent.

In September, capital market interest remained stable at 3.6 percent. Dutch inflation stood at 0.4 percent. Selling prices in manufacturing industry were 12.5 percent down on September 2008.

In the period July – September 2009, seasonally adjusted unemployment stood at 398 thousand, 10 thousand up on June - August. The number of jobs in the second quarter was 72 thousand down on one year previously. At the end of June there were 127 thousand unfilled vacancies, 25 thousand less than at the end of March. The number of hours worked in temp jobs dropped considerably in the second quarter of 2009 relative to the first quarter.

Gross domestic product (GDP)