Economic outlook more positive

The CBS Business Cycle Tracer is a tool to monitor the state and the cycle of the Dutch economy. It presents a coherent macroeconomic picture of the past month or quarter, based on all the figures published by CBS. However, it does not apply equally to all households, enterprises or regions.

Consumer confidence at all-time low, producers also less positive

As of June 2022, consumer confidence has dropped to an all-time low. The consumer confidence indicator is positioned well below its long-term average over the past two decades. Producer confidence also has deteriorated in June, but is positioned well above its long-term average.

Higher household consumption and exports, lower investments

Consumers spent 14.8 percent more in April 2022 compared to April one year previously. They mainly spent more on durable goods and services. The growth is larger than in March 2022. In April of last year, there were still coronavirus measures in place.

In April 2022, the total volume of goods exports was up by 2.8 percent year on year. Exports still decreased by 1.5 percent in the previous month. The increase over April was mainly seen in exports of chemical and metal products.

The volume of investments in tangible fixed assets was 0.5 percent smaller year on year. This is mainly because investments in infrastructure were down. However, investments in buildings were up.

Manufacturing output almost 14 percent up in April

In April 2022, the average daily output generated by the Dutch manufacturing industry was up by 13.7 percent on April 2021. Output grew by 7.6 percent in the previous month. Output is at an historically high level.

More bankruptcies in May

The number of corporate bankruptcies, adjusted for court session days, has increased. There were 71 more bankruptcies in May than in the previous month. However, the number of pronounced bankruptcies is still low compared to the period before the outbreak of the coronavirus crisis.

House price increase 18.8 percent in May

In May, owner-occupied dwellings (excluding new constructions) were on average 18.8 percent more expensive than in the same month last year. In the previous month, the price increase was 19.7 percent.

More hours worked and vacancies, more unemployed

In Q1 2022, the number of hours worked adjusted for seasonal effects was 0.9 percent higher than in Q4 2021. Total hours worked by employees and self-employed people over Q1 2022 amounted to approximately 3.6 billion.

At the end of March, the number of unfilled vacancies stood at 451 thousand. This is 59 thousand more than at the end of the previous quarter. The increase was stronger than in the previous two quarters and the number of unfilled vacancies surpassed the record of Q4 (392 thousand).

In May 2022, unemployment stood at 323 thousand. This is 3.3 percent of the labour force and slightly higher than in April 2022, when it was 3.2 percent. From March through May, unemployment was still down by an average of 4 thousand per month.

In Q1 2021, turnover at temporary employment and job placement agencies rose by 5.8 percent relative to the previous quarter. Year on year, this turnover increased by 19.2 percent.

Economic growth of 0.4 percent in Q1 2022

According to the second estimate conducted by Statistics Netherlands (CBS), gross domestic product (GDP) grew by 0.4 percent in Q1 2022 relative to Q4 2021. Growth is mainly attributable to increased household consumption.

GDP growth in Q1 2022 relative to Q1 2021 amounted to 6.7 percent. Growth is mainly attributable to increases in household consumption, the trade balance and in public consumption.