The Netherlands is not immune

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.

Comments

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!

Ireland was one of the richest countries in the world in 2009 - it still is, for certain values of "richest"...

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

By internationally comparable statistics, Netherlands had 5.8% unemployment in December 2012.

http://www.google.com/publicdata/explore?ds=z8o7pt6rd5uqa6_&ctype=l&strail=false&bcs=d&nselm=h&met_y=unemployment_rate&fdim_y=seasonality:sa&scale_y=lin&ind_y=false&rdim=country_group&idim=country_group:eu:non-eu&idim=country:uk:nl:es:pl:de:el:fr:ie:lv&ifdim=country_group&hl=en&ind=false

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?

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

Google "new factory Poland" and you'll find your answer.

Nice.

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.

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.

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

Whatever you do, don't say that The Netherlands is "underwater".

Thanks for trying to stem the tide of bad puns.

The core of the Euro gets smaller by the week.

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

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

Comments for this post are closed