Economic situation about the same

The economic situation at the end of July was about the same as it was at the end of June. Improvements and downswings balanced each other out. Most indicators in the Business Cycle Tracer are still in the recession stage. Thirteen 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.

The mood among consumers improved in July, whereas the mood among manufacturers deteriorated. Providers of business services were slightly more positive than in June.

In May, production in manufacturing increased substantially: the average daily output was 7 percent higher than in May 2009. The volume of goods exports was over 17 percent up on one year previously. Household consumption was 1.2 percent higher than one year previously.

The capital market interest rate dropped further to a historical low of 2.9 percent in June. Dutch inflation dropped to 0.8 percent. Selling prices in manufacturing industry were more than 9 percent higher than one year previously.

Unemployment decreased for the fourth time in a row. In June, unemployment was 5 thousand down on May. 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)