Each macro-economic indicator tells its own story
After 18 months in the doldrums, the Dutch economy has largely recovered from the Covid-19 downturn.
Compared to two years ago, GDP in the second quarter of 2021 was lagging a mere 0.4% behind. The reopening of shops and restaurants has certainly encouraged people to start spending again. And reduced consumer spending is the main reason why the economy is still smaller than it was before the pandemic. Consumption is still a long way from bouncing back to the level of 2019. Consumers are still spending 4.7% less than they did before Covid-19 hit. In contrast, trade and exports have made a full recovery. This sector not only grew compared to 2020, but also compared to 2019. In particular, exports of machinery, chemical products, metal products and transport equipment increased.
The labour market in 2021Q2 was characterised by shortages. There were 106 vacancies for every 100 jobseekers.
This tight labour market is mainly due to a record growth in the number of unfilled vacancies, especially in trade, business services, healthcare and tech. The key question, given that the economy has virtually recovered from the pandemic, is whether the occupier market is also showing clear signs of recovery.
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