Economic situation slightly better

The economic situation was slightly better at the end of June than at the end of May. Most indicators in the Business Cycle Tracer are still in the recession stage. Fourteen of the fifteen indicators are below their long-term average.

The Dutch economy grew slightly in the first quarter of 2010. The volume of gross domestic product was 0.6 percent up on the first quarter of 2009. The increase was preceded by five consecutive quarters with a contraction. Compared to the preceding quarter the economy grew by 0.3 percent in the first quarter, taking calendar and seasonal effects into account. This is the third quarter in a row showing positive quarter-on-quarter growth.

Consumer confidence deteriorated slightly further in June. Producer confidence was slightly lower than in May. Providers of business services expected their future turnover to decrease.

In April, production in manufacturing increased substantially: the average daily output was 10 percent higher than in April 2009. The volume of goods exports was nearly 17 percent up on one year previously. Household consumption was marginally higher than one year previously.

The capital market interest rate dropped further and stood at 3.0 percent in May. Dutch inflation dropped to 1.0 percent. Selling prices in manufacturing industry were 10.5 percent up on one year previously.

Unemployment decreased for the second time in a row. In the period March-May, unemployment was 7 thousand down on the period February–April. The number of jobs in the first quarter was 156 thousand down on one year previously. At the end of March there were 113 thousand unfilled vacancies, i.e. 11 thousand fewer than at the end of December. The decrease in the number of hours worked in temp jobs slowed down further.

Gross domestic product (GDP)