The Netherlands is not immune

by on February 26, 2013 at 1:43 am in Current Affairs | Permalink

A string of gloomy figures from the national statistics office CBS on Thursday show the Dutch economy is still in crisis.

The jobless rate in January hit 7.5%, the CBS said, a rise of 0.3 percentage point on December. Over the past three months, an average of 19,000 people have joined the ranks of the unemployed. The northern provinces were particularly hard hit, the CBS said.

The jobless rate among the under-25s continues to grow. The youth unemployment rate has now risen to 15%, up from 13% in December.

The source is here.  And:

House prices have also continued to decline, dropping nearly 10% in January compared with the previous year.

There is more:

Spain and Ireland are the only two countries in Europe where house prices have fallen more sharply than in the Netherlands over the past four years, according to Dutch national statistics agency CBS.

Two of the country’s four largest banks are now nationalized and the largest is still paying off state aid.

Festina February 26, 2013 at 4:34 am

You can’t compare the jobless rate of the CBS with international jobless rates.
For a comparison see:
http://www.cbs.nl/nl-NL/menu/themas/dossiers/eu/publicaties/archief/2012/2012-jeugdwerkloosheid-europees-art.htm

The strong decline of 10% in housing prices in January is due to new legislation. Buyers tried to buy before 31 December 2012. That’s why the January figure is not representative.
From your own source: “The drop in Spain is around 7% a year, in the Netherlands 4%.”

The Netherlands is still one of the richest countries in the world, doesn’t compare the economic situation with Spain or Ireland!

Millian February 26, 2013 at 9:10 am

Ireland was one of the richest countries in the world in 2009 – it still is, for certain values of “richest”…

JWatts February 26, 2013 at 11:20 am

Ireland is still “rich” for that matter. Ranked number 15th (2011) by the IMF in 2011 by GDP per capita.

Tomasz Wegrzanowski February 26, 2013 at 5:33 am
Ray Lopez February 26, 2013 at 6:07 am

Nice data mining link, bookmarked. The interesting story is Poland from 2000 to 2008–unemployment went from 10% to 20% then back down, and even with the Great Recession has not gone back to previous highs. What happened? I’m guessing the unemployed Poles all emigrated to the UK and USA?

Cor February 26, 2013 at 6:20 am

A populist will say that all those (previously) unemployed Poles are now working for low wages in Western Europe.

Ted Craig February 26, 2013 at 7:50 am

Google “new factory Poland” and you’ll find your answer.

Jan February 26, 2013 at 10:51 am

Nice.

Millian February 26, 2013 at 9:19 am

Not the USA, due to its recent immigration policy, but the UK, Sweden and Ireland, beginning in 2004. The UK is now 1% Polish, and Ireland is 2.5% Polish. But I think it more likely that skilled workers left Poland, while the jobless took their old roles.

Ted Craig February 26, 2013 at 10:12 am

It’s the U.K. immigration policy that has changed. From a 2011 Guardian article: “Most of those who left the UK were manual labourers who had never registered with the workers registration scheme (WRS), said Bator. The WRS has just been abolished, but until 30 April, not registering meant migrants were not eligible for UK benefits.” The article later states, “The University of Warsaw research showed the majority of Poles who came to the UK did not hail from the big cities, but from small towns where unemployment is still very high.” The skilled workers are finding jobs thanks to the recent investments from international manufacturers, such as Ikea, 3M and Cadbury.

David Zetland February 26, 2013 at 8:06 am

We had a great guest lecture from CBS talk about statistics (mostly enviro, but also in general) last week at WUR:
http://www.kysq.org/docs/2013.02.22_Hoekstra_Footprints.pdf
http://www.kysq.org/docs/2013.02.22_Hoekstra_Indicators.mp3

dearieme February 26, 2013 at 8:34 am

Whatever you do, don’t say that The Netherlands is “underwater”.

dan1111 February 26, 2013 at 12:53 pm

Thanks for trying to stem the tide of bad puns.

Yancey Ward February 26, 2013 at 11:16 am

The core of the Euro gets smaller by the week.

JWatts February 26, 2013 at 11:31 am

I don’t see how these stats support a view of shrinking the ‘Euro’. They are bad but still better than France’s.

ThomasH February 26, 2013 at 11:25 am

They are still part of that monetary union run by the dysfunctional ECB, right?

Comments on this entry are closed.

Previous post:

Next post: