According to the CBS Business Cycle Tracer, the economic climate was more negative this month as CBS reports that ten out of thirteen indicators were performing below their long-term trend.
Confidence
Dutch consumers were less negative than in the previous month. However, confidence was still far below the long-term average over the past two decades. Producers were also less negative than in October, with confidence remaining below the twenty-year average as well.
Using September's data, the numbers and percentages seem to be linear downward sloping.
In September, the total volume of goods exports was down by 4.8% year on year. Furthermore, households spent 1.9% less year on year adjusting for price changes. This led to fewer services and fewer goods being bought. The volume of investments in tangible fixed assets was also down by 1.6% year on year. This is mainly due to lower investments in aircraft and residential property while more was invested in passenger cars. The average daily output of the Dutch manufacturing industry was 10.3% lower than in September of last year. Output also contracted year on year in the preceding months of 2023, falling by 0.9%.
On average over the past three months, the number of unemployed remained roughly the same, ending at 361 thousand in October.
Overall, the economy seems to be falling ever more consecutively over the years.
Very well written Andrew, I like the addition of a graph as well. It is very interesting to see the percent changes from year to year, especially the Dutch manufacturing industry.
ReplyDeleteIt may be concerning as the Dutch manufacturing sector is rapidly falling, it may be interesting to see if they have begun importing more rather than creating inventory domestically. But I do wonder why consumer confidence had rapidly fallen, maybe a few companies are failing to innovate along with investment falling?
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