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Economy of the Netherlands

Economy of the Netherlands
Zuidas in Amsterdam
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
Population17,589,513 (6 January 2022)[3]
GDP
  • $1.14 trillion (nominal; 2024)[4]
  • $1.32 trillion (PPP; 2024)[4]
GDP rank
GDP growth
  • 4.3% (2022)
  • 0.1% (2023)
  • 0.6% (2024)[4]
GDP per capita
  • $63,750 (nominal, 2024)[4]
  • $74,158 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
4.1% (2023)[4]
Population below poverty line
  • 5% (2017 est.)[6]
  • 16.5% at risk of poverty or social exclusion (AROPE, 2019)[7]
26.8 low (2019)[8]
Labour force
  • 9,181,373 (2019)[11]
  • 79.2% employment rate (2018)[12]
Labour force by occupation
Unemployment
  • 2.9% (October 2021)[13]
  • 6.9% youth unemployment (October 2021; 15 to 24 year-olds)[13]
Average gross salary
€4,191 monthly
€3,145 monthly
Main industries
Agriculture, oil and natural gas, metal and engineering products, electronic machinery and equipment, chemicals, petroleum, construction, microelectronics, fishing
External
Exports$719.78 billion (2020)[5]
Export goods
refined petroleum, broadcasting equipment, machinery, packaged medicine, crude petroleum (2022)
Main export partners
Imports$453.8 billion (2017)[5]
Import goods
crude petroleum, refined petroleum, natural gas, broadcasting equipment, computers (2022)
Main import partners
FDI stock
  • $5.499 trillion (2017)[5]
  • Abroad: $6.579 trillion (2017)[5]
$90.207 billion (2019)[5]
$4.345 trillion (2019)[5]
Public finances
  • 48.6% of GDP (2019)[14]
  • €394.630 billion (2019)[14]
  • €14.0 billion surplus (2019)[14]
  • +1.7% of GDP (2019)[14]
Revenues43.6% of GDP (2019)[14]
Expenses41.9% of GDP (2019)[14]
Economic aid
$54.016 billion (2021)[5] (41st)

All values, unless otherwise stated, are in US dollars.
Dutch exports in 2006
The labour productivity level of the Netherlands is one of highest in Europe. OECD, 2012
Part-time employment rate (%) in OECD countries.[20] The Netherlands has the highest rate.

The economy of the Netherlands is a highly developed market economy focused on trade and logistics, manufacturing, services, innovation and technology and sustainable and renewable energy.[21][22] It is the world's 18th largest economy by nominal GDP and the 28th largest by purchasing power parity (PPP) and is the fifth largest economy in European Union by nominal GDP.[23] It has the world's 11th highest per capita GDP (nominal) and the 13th highest per capita GDP (PPP) as of 2023 making it one of the highest earning nations in the world. Many of the world's largest tech companies are based in its capital Amsterdam or have established their European headquarters in the city, such as IBM, Microsoft, Google, Oracle, Cisco, Uber, Netflix and Tesla.[24][25] Its second largest city Rotterdam is a major trade, logistics and economic center of the world and is Europe's largest seaport.[26] Netherlands is ranked fifth on global innovation index and fourth on the Global Competitiveness Report. Among OECD nations, Netherlands has a highly efficient and strong social security system; social expenditure stood at roughly 25.3% of GDP.[27][28][29]

The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a sizable current account surplus (which, compared to the size of the country, is even more than Germany) and an important role as a European transportation hub; Rotterdam is the biggest port in Europe; and Amsterdam has one of the biggest airports in the world. Industrial activity is predominantly in food processing, chemicals, petroleum refining, high-tech, financial services, the creative sector and electrical machinery. Its highly mechanized agricultural sector employs no more than 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002.

The Netherlands has had steady natural gas resources since 1959, when a wellspring was discovered. Currently the Netherlands accounts for more than 25% of all natural gas reserves in the European Union. Over the following decades, the sale of natural gas generated a significant rise in revenue for the Netherlands.[30] However, the unforeseen consequences of the country's energy wealth originally impacted the competitiveness of other sectors of the economy, leading to the theory of Dutch disease, after the discovery of the vast Groningen gas field.[30]

The Netherlands is a "conduit country" that helps to funnel profits from high-tax countries to tax havens.[31] It has been ranked as the 4th largest tax haven in the World.[32]

The stern financial was abandoned in 2009, because of the then-current credit crises. The relatively large banking sector was partly nationalized and bailed out through government interventions. The unemployment rate dropped to 5.0% in the summer of 2011, but increased with a sharp rate to 7.3% in May 2013, and 6.8% in 2015. It dropped again to 3.9% in March 2018.[33][34] The state budget deficit was about 2.2% in 2015, well below the norm of 3.0% in the EU.[35] In 2016, the state budget showed a surplus of 0.4%. It was expected to grow to a surplus of over 1.0% in 2017.[36] Historically, the Dutch introduced and invented the stock market,[37] which initially focused on merchandise trading through the Dutch East India Company. The Netherlands is a founding member of the European Union, the OECD and the World Trade Organization.

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e f "World Economic Outlook database: April 2024". imf.org. International Monetary Fund.
  5. ^ a b c d e f g h i j k "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 13 May 2022. Retrieved 17 May 2022.
  6. ^ Marie, Wildeboer Schut, Jean; Stella, Hoff (2 March 2017). "Verwachte armoede in 2015–2017". Armoede in Kaart. 2016 (2016). Retrieved 4 January 2018.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  7. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 25 October 2020.
  8. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 25 October 2020.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
  10. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 17 November 2022.
  11. ^ "Labor force, total - Netherlands". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  12. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 16 October 2019.
  13. ^ a b "Unemployment down to pre-pandemic level". CBS. 18 November 2021.
  14. ^ a b c d e f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  15. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  16. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Sovereigns rating list". Standard & Poor's.
  18. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
  19. ^ "Scope affirms the Netherlands' credit ratings at AAA with Stable Outlook". Scope Ratings. Retrieved 5 November 2023.
  20. ^ OECD Labour Force Statistics 2022, OECD, 2020, doi:10.1787/23083387, ISBN 9789264687714
  21. ^ "Netherlands: Introduction". globaledge.msu.edu. Retrieved 3 January 2024.
  22. ^ "Netherlands Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption". www.heritage.org. Retrieved 3 January 2024.
  23. ^ "World Bank".
  24. ^ "The Next Global Tech Hotspot? Amsterdam Stakes Its Claim". Bloomberg.com. 22 May 2016. Retrieved 3 January 2024.
  25. ^ "The Netherlands is One of the Best Countries for Tech Companies". Visit Leiden. 13 February 2023. Retrieved 3 January 2024.
  26. ^ "Bevolkingsontwikkeling; regio per maand". CBS StatLine (in Dutch). Archived from the original on 25 July 2019. Retrieved 23 July 2021.
    8,219,380 Randstad
    2,620,000 Rotterdam-The Hague Metro
    1,160,000 Rotterdam Urban
       651,446 Rotterdam Municipality
  27. ^ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  28. ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  29. ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
  30. ^ a b Banning, Cees (17 June 2009). "The Dutch curse: how billions from natural gas went up in smoke". NRC Handelsblad. Archived from the original on 21 December 2016.
  31. ^ Schindler, Dirk (28 January 2022). "Is the Netherlands Still a Tax Haven?". Erasmus University Rotterdam. Retrieved 2 April 2023.
  32. ^ "Corporate Tax Haven Index". Tax Justice Network. 2021. Retrieved 2 April 2023.
  33. ^ "Kerncijfers - arbeid". Centraal Bureau voor de Statistiek. Retrieved 14 April 2012.
  34. ^ "Unemployment falls below 4 percent". CBS. 19 April 2018. Retrieved 19 April 2018.
  35. ^ "Begrotingstekort 2011 valt hoger uit". z24. 17 February 2012. Retrieved 14 April 2012.
  36. ^ "CBS StatLine - Overheid; Overheidssaldo en overheidsschuld". Statline.cbs.nl. Retrieved 4 January 2018.
  37. ^ "Missing File" (PDF). 1.worldbank.org. Archived from the original (PDF) on 14 September 2012. Retrieved 4 January 2018.

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