The economic climate in August 2022 has slighty improved compared to July, according to the CBS Business Cycle Tracer.
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Statistics Netherlands (CBS) reports that as of August, 11 out of the 13 indicators in the Business Cycle Tracer are performing above their long-term trend.
As of August 2022, consumer confidence has dropped further 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 deteriorated in August, but is positioned above its long-term average.
Consumers spent 5.2 percent more in June 2022 compared to June one year previously. They spent more on services, but less on goods. Household consumption growth was less substantial in June than in the preceding months of 2022.
In June 2022, the total volume of goods exports was up by 3.8 percent year on year. In the previous month, exports increased by almost 3 percent. The increase over June was mainly seen in exports of machinery and chemical products.
The volume of investments in tangible fixed assets was 8.2 percent larger year on year. This is mainly because investments in aircraft, vessels, dwellings, buildings and machinery were up.
In June 2022, the average daily output generated by the Dutch manufacturing industry was up by 6.2 percent on June 2021. The growth was lower than in previous months.
The number of corporate bankruptcies, adjusted for court session days, has decreased. There were 16 fewer bankruptcies in July than in the previous month. The number of pronounced bankruptcies is low compared to the period before the outbreak of the coronavirus crisis.
In July, owner-occupied dwellings (excluding new constructions) were on average 14.5 percent more expensive than in the same month last year. The price increase was 16.6 percent in June.
In Q2 2022, the number of hours worked adjusted for seasonal effects was 2.6 percent higher than in Q1 2022. Total hours worked by employees and self-employed people over Q2 2022 amounted to approximately 3.7 billion.
At the end of June, the number of unfilled vacancies stood at 467 thousand. This is 16 thousand more than at the end of the previous quarter. This is the eighth consecutive quarter that the number of vacancies has increased. The number of vacancies has more than doubled in two years.
In July 2022, unemployment increased further to 353 thousand. This is 3.6 percent of the labour force.
In Q1 2021, turnover at temporary employment and job placement agencies rose by 5.8 percent relative to the previous quarter.
According to the first quarterly estimate conducted by Statistics Netherlands (CBS) on the basis of currently available data, in Q2 2022 gross domestic product (GDP) grew by 2.6 percent relative to the previous quarter. The balance of trade (exports minus imports) and investments contributed the most to economic growth. Household consumption also made a positive contribution.
GDP was up by 5.3 percent relative to Q2 2021. Household consumption, the trade balance and investments were higher in particular. Public consumption made a slightly negative contribution to year-on-year growth. < ■