Economic picture unchanged

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Investments, household consumption and exports growing

In Q1 2019, investments in fixed assets were 4.5 percent higher than one year previously. The first quarter mainly saw an increase in investments in dwellings, buildings, infrastructure and machinery.

Consumer spending was up by 0.7 percent in Q1 2019 relative to the same quarter last year. The growth rate was lower than in the previous quarter, when consumers spent over 2 percent more year-on-year. In Q1 2019, consumers spent more on e.g. home furnishing articles, electrical appliances and services. However, they spent less on passenger cars. Natural gas consumption also decreased.

Exports of goods and services grew by 1.1 percent in Q1 2019, the lowest growth rate in three years’ time. Dutch companies exported mainly more machinery and appliances. Re-exports (i.e. exports of imported products) grew while exports of domestic products declined.

Manufacturing output down by 1 percent

The average daily output generated by the Dutch manufacturing industry was 1.0 percent down in March 2019 compared to the same month last year. In the previous month, output was more or less the same year-on-year. In March, output in the rubber and plastic industry showed the strongest year-on-year growth.

Slightly more bankruptcies in April

The number of corporate bankruptcies has increased slightly. There were 3 more bankruptcies in April 2019 than in the previous month. The trend has been relatively stable in recent years.

Number of jobs continues to grow

In Q1 2019, the number of full-time and part-time jobs held by employees and self-employed rose by 53 thousand to 10.591 million jobs relative to the previous quarter. Over a period of twelve months, the number of jobs grew by 230 thousand. Over 860 thousand jobs were added as of Q2 2014. This exceeded long-term job growth during the period 2004-2008, when 810 thousand jobs were added in 4.5 years’ time.

The total number of hours worked by employees and self-employed reached over 3.4 billion in Q1 2019. When adjusted for seasonal effects, this is over 1 percent more than in the previous quarter.
In Q1 2019, the number of job vacancies again rose to a new record: 277 thousand, up by 13 thousand compared to the previous quarter. The number of vacancies has been above pre-crisis levels since Q2 2018. New and filled vacancies (seasonally adjusted) also reached record highs.

Unemployment declined by 14 thousand to 316 thousand in Q1 2019. At 3.4 percent, the unemployment rate was below the pre-crisis level for the first time.

Tension in the labour market has risen to a new high. In Q1 2019, there were on average 88 job vacancies per 100 unemployed. In Q4 2018, there were 80 vacancies per 100 unemployed.