In August 2021, the economic situation according to the CBS Business Cycle Tracer has improved again. Statistics Netherlands (CBS) reports that as of mid-August 8 out of the 13 indicators in the Business Cycle Tracer are performing above their long-term trend.
Higher exports, investments and household consumption
In Q2 2021, consumers spent 9.3 percent more than in Q2 2020. This is mainly due to the (gradual) opening of shops and accommodation and food services. Consumers spent mainly more on accommodation and food services, medical services, clothing and passenger cars. However, household consumption has not yet returned to pre-coronavirus levels. Compared to the second quarter of 2019, household consumption was almost 5 percent lower.
In Q2 2021, the volume of investments in fixed assets was 9.5 percent up on the same quarter last year. Investments were mainly up in dwellings, buildings, passenger cars, other road transport, machinery and installations. Investments are also not yet back at pre-coronavirus levels and were around 1 percent lower compared to the second quarter of 2019.
Exports of goods and services in Q2 2021 were 14 percent up year-on-year. In particular, more machinery, chemical products and transport equipment were exported. Exports of Dutch manufactured goods were 16 percent higher, while re-exports (the export of previously imported products) grew by 21.1 percent.