The economic picture according to the Business Cycle Clock of Statistics Netherlands (CBS) was almost as negative in September as in July and August. In the Business Cycle Clock of September, 12 out of 13 indicators performed worse than their long-term trend.
The Business Cycle Clock is a tool for determining the state and development of the Dutch economy. The Business Cycle Clock brings together almost all important economic information published by CBS in the past month or quarter. The economic picture according to the Business Cycle Clock represents a macroeconomic picture and does not apply equally to all households, businesses, or regions.
Consumer Confidence Equally Negative, Producers Less Negative
Consumers were as negative in September as in the previous two months, while producers were less negative in September than in August. Both consumer and producer confidence were below the average of the past twenty years.
Producer Confidence
average of the sub-questions
Household Consumption and Exports Grow, Investments Decline
In July 2025, households consumed 1.3 percent more than in July 2024 (adjusted for price changes and working days). They bought more goods and services.
The volume (working day adjusted) of goods exports was 2.4 percent larger in July than in July 2024. The growth is slightly smaller than a month earlier. There were particularly more raw materials, machines, and (basic) metal products exported.
In July 2025, the volume of investments in fixed tangible assets was 3.9 percent smaller than a year earlier. There was particularly less investment in buildings and other transport (trucks, trailers, vans, etc.) than a year earlier.
Industrial Production Over 1 Percent Lower in July
The calendar-adjusted production of the Dutch industry was 1.1 percent lower in July than in July 2024. Adjusted for seasonal and calendar effects, production in July fell by 1.4 percent compared to June.
Fewer Bankruptcies in August
In August, after adjusting for court days, 21 companies (including sole proprietorships) were declared bankrupt, which is a decrease of 7 percent compared to July.
House Prices Almost 8 Percent Higher in August
In August 2025, the prices of existing homes were on average 7.9 percent higher than a year earlier. Compared to July 2025, prices rose by 0.5 percent in August.
Fewer Hours Worked, Fewer Vacancies, More Unemployed
In August 2025, there were 401 thousand unemployed people. This represented 3.9 percent of the labor force aged 15 to 75. A month earlier, this was still 3.8 percent. The number of unemployed has increased by an average of 5 thousand per month over the past three months.
Employees and self-employed individuals worked a total of more than 3.7 billion hours in the second quarter. This is, seasonally adjusted, 0.3 percent less than in the previous quarter.
The number of job vacancies decreased by nearly 7 thousand to almost 389 thousand in the second quarter of 2025.
The revenue of temporary employment agencies and labor mediation was 0.3 percent lower in the second quarter of this year than in the same quarter of 2024.
GDP Rises 0.2 Percent in Second Quarter 2025
According to CBSs second estimate, the gross domestic product (GDP) in the second quarter of 2025 rose by 0.2 percent compared to the first quarter. The increase in GDP in the second quarter of 2025 is mainly attributed to investments. In addition, government consumption and household consumption contributed positively.
