Netherlands Economy

Is Netherlands a rich country?

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a consistently high trade surplus, stable industrial relations, and low unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter.

The Netherlands is part of the euro zone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Netherlands Economy Data

What is the GDP of Netherlands?

Currency Name and Code Euro (EUR)
GDP - Gross Domestic Product (PPP) $808,800,000,000 (USD)
GDP - official exchange rate $750,800,000,000 (USD)
GDP - real growth rate 1.8%
GDP Per Capita $49,300.00 (USD)
GDP by Sector- agriculture 1.6%
GDP by Sector- Industry 18.8%
GDP by Sector- services 79.6%
GDP - composition, by end use household consumption: 45%

government consumption: 25.3%

investment in fixed capital: 19%

investment in inventories: -0.1%

exports of goods and services: 83.6%

imports of goods and services: -72.8%
Population Below Poverty Line 10.5%
Inflation Rate 1.1%
Labor Force 7,860,000
Labor Force By Occupation- agriculture 2.3%
Labor Force By Occupation- industry 18.8%
Labor Force By Occupation- services 78.9%
Unemployment Rate 5.5%
Fiscal Year calendar year
Annual Budget $356,000,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -3.3%
Public Debt (% of GDP) 55%
Taxes and other revenues - percent of GDP 43.7%
Major Industries agroindustries, metal and engineering products, electrical machinery and equipment, chemicals, petroleum, construction, microelectronics, fishing
Industrial Growth Rate 3.2%
Agriculture Products grains, potatoes, sugar beets, fruits, vegetables; livestock
Exchange Rate per US Dollar euro (EUR)
Commercial Bank Prime Lending Rate 2.3%

Labor Force by Occupation- As reported by Netherlands

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