Economic situation unchanged

The economic situation at the end of January was about the same as it was at the end of December. The heart of the indicators in the Business Cycle Tracer is again located in the recession stage. All indicators are still below the level of their long-term average.

The Dutch economy contracted by 3.7 percent in the third quarter compared to the same quarter of 2008. The contraction was smaller than in the first two quarters of 2009. Compared to the preceding quarter the economy grew by 0.5 percent, taking calendar and seasonal effects into account. This positive growth came after four consecutive quarters of negative quarter-on-quarter growth.

In January, consumer confidence improved by 1 point, to reach -10. As a result, the upward trend continues. The mood among manufacturers deteriorated a little bit. Providers of business services were more optimistic about their future turnover than in December.

In November, industrial production was 2 percent down on twelve months previously. The volume of goods exports also dropped by 2 percent. Households remained cautious about buying goods and services. They spent 2.7 percent less than one year previously.

In December, capital market interest stood at 3.4 percent, i.e. 0.1 of a percentage point less than in the preceding month. Dutch inflation was 1.1 percent. Selling prices in manufacturing industry were 1 percent higher in December than one year previously. It was the first price increase after more than a year of falling prices.

In the period October – December 2009, seasonally adjusted unemployment stood at 425 thousand, i.e. 11 thousand up on September - November. The number of jobs in the third quarter was 140 thousand down on one year previously. The decrease in the number of hours worked in temp jobs is slowing down. At the end of September there were 128 thousand unfilled vacancies, almost equalling the number at the end of June.

Gross domestic product (GDP)