Recession

The economic situation at the end of October was worse than at the end of September. The heart of the scatter in the Business Cycle Tracer is located deep in the recession stage. Fourteen of the fifteen indicators are currently below their long-term average.

The Dutch economy shrank by 0.4 percent in the second quarter of 2012 compared to the same period one year previously. In the first quarter, the economy contracted by 0.8 percent. Taking calendar and seasonal effects into account, the economy grew by 0.2 percent in the second quarter compared to the preceding quarter. Quarter-on-quarter economic growth had also been 0.2 percent in the first quarter.

In October, Dutch consumers were more pessimistic than in September. The mood among manufacturers also deteriorated.

Manufacturing output dropped by 0.6 percent in August 2012 compared to August 2011. The volume of goods exports was 2.5 percent up. The volume of private sector investments was at about the same level as one year previously. Household spending on goods and services was 2.0 percent down on August 2011.

The capital market interest rate was 1.8 percent in September, i.e. the same as in the preceding month. The inflation rate remained stable (2.3 percent). In September, prices of existing owner-occupied dwellings were on average 7.9 percent down on September 2011. Selling prices in manufacturing industry were 4.1 percent up on twelve months previously.

Seasonally adjusted unemployment increased further in September. The number of job vacancies and the number of jobs fell further in the second quarter. On the other hand, people worked more hours in temp jobs in the second quarter of 2012 than in the first quarter.

Gross domestic product (GDP)