Economic outlook virtually unchanged

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 slightly more positive

As of July 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 has slightly improved in July and is positioned well above its long-term average.

Higher household consumption, exports and investments

Consumers spent 7.3 percent more in May 2022 compared to May one year previously. They spent more on services, but less on goods. Year-on-year household consumption growth was less substantial in May than in April. This is partly the result of less stringent measures in May 2021 compared to the previous month.

In May 2022, the total volume of goods exports was up by 4.4 percent year on year. In the previous month, exports increased by 1.2 percent. The increase over May was mainly seen in exports of transport equipment and chemical and metal products.

In May 2022, the volume of investments in tangible fixed assets was 7.3 percent larger year on year. This is mainly because investments in dwellings, buildings and machinery were up.

Manufacturing output 10 percent up in May

In May 2022, the average daily output generated by the Dutch manufacturing industry was up by 10.0 percent on May 2021. Output grew by 14 percent in the previous month.

Fewer bankruptcies in June

There were 24 fewer bankruptcies in June than in the previous month. The number of corporate bankruptcies in the first half of 2022 was more than 2 percent lower than in the first half of 2021.

House price increase moderated further in June

In June, owner-occupied dwellings (excluding new constructions) were on average 16.6 percent more expensive than in the same month last year. In the previous month, the price increase was 18.8 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 June 2022, unemployment stood at 339 thousand. This is 3.4 percent of the labour force. From April through June, unemployment rose 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.

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.