Netherlands Economy Profile 2009

Economy - overview

The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, moderate unemployment and inflation, a sizable current account surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs no more than 3% 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 country has been one of the leading European nations for attracting foreign direct investment and is one of the four largest investors in the US. The pace of job growth reached 10-year highs in 2007, but economic growth fell sharply in 2008 as fallout from the world financial crisis constricted demand and raised the specter of a recession in 2009.

GDP (purchasing power parity)

$672 billion (2008 est.)
$658.8 billion (2007 est.)
$635.9 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$868.9 billion (2008 est.)

GDP - real growth rate

2% (2008 est.)
3.6% (2007 est.)
3.4% (2006 est.)

GDP - per capita (PPP)

$40,400 (2008 est.)
$39,800 (2007 est.)
$38,600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 1.7%
industry: 25.5%
services: 72.9% (2008 est.)

Population below poverty line

10.5% (2005)

Labor force

7.715 million (2008 est.)

Labor force - by occupation

agriculture: 2%
industry: 18%
services: 80% (2005 est.)

Unemployment rate

4% (2008 est.)
4.6% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 2.5%
highest 10%: 22.9% (1999)

Distribution of family income - Gini index

30.9 (2007)
32.6 (1994)

Investment (gross fixed)

20.5% of GDP (2008 est.)

Budget

revenues: $405.9 billion
expenditures: $397.3 billion (2008 est.)

Public debt

58.2% of GDP (2008 est.)
55.8% of GDP (2004 est.)

Inflation rate (consumer prices)

2.5% (2008 est.)
1.6% (2007 est.)

Central bank discount rate

3% (31 December 2008)
5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate

NA% (31 December 2008)
8.72% (31 December 2007)

Stock of money

$NA

note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders

Stock of quasi money

$NA

Stock of domestic credit

$1.616 trillion (31 December 2008)
$1.684 trillion (31 December 2007)

Industries

agroindustries, metal and engineering products, electrical machinery and equipment, chemicals, petroleum, construction, microelectronics, fishing

Industrial production growth rate

2.9% (2008 est.)

Electricity - production

105.2 billion kWh (2007)

Electricity - production by source

fossil fuel: 89.9%
hydro: 0.1%
nuclear: 4.3%
other: 5.7% (2001)

Electricity - consumption

122.8 billion kWh (2007)

Electricity - exports

5.48 billion kWh (2007)

Electricity - imports

23.09 billion kWh (2007)

Oil - production

88,950 bbl/day (2007 est.)

Oil - consumption

984,200 bbl/day (2007 est.)

Oil - imports

2.648 million bbl/day (2005)

Oil - exports

1.639 million bbl/day (2005)

Oil - proved reserves

100 million bbl (1 January 2008 est.)

Natural gas - production

76.33 billion cu m (2007 est.)

Natural gas - consumption

46.42 billion cu m (2007 est.)

Natural gas - exports

55.66 billion cu m (2007 est.)

Natural gas - imports

25.73 billion cu m (2007 est.)

Natural gas - proved reserves

1.416 trillion cu m (1 January 2008 est.)

Current Account Balance

$65.67 billion (2008 est.)
$59.51 billion (2007 est.)

Agriculture - products

grains, potatoes, sugar beets, fruits, vegetables; livestock

Exports

$533.2 billion (2008 est.)
$461 billion (2007 est.)

Exports - commodities

machinery and equipment, chemicals, fuels; foodstuffs

Exports - partners

Germany 25.2%, Belgium 14.6%, UK 8.9%, France 8.4%, Italy 4.6% (2008)

Imports

$475.9 billion (2008 est.)
$406.2 billion (2007 est.)

Imports - commodities

machinery and transport equipment, chemicals, fuels, foodstuffs, clothing

Imports - partners

Germany 17%, China 10.3%, Belgium 9%, US 7.6%, UK 5.8%, Russia 5.2%, France 4.5% (2008)

Reserves of foreign exchange and gold

$28.51 billion (31 December 2008 est.)
$26.98 billion (31 December 2007 est.)

Debt - external

$2.47 trillion (31 December 2008)
$2.59 trillion (31 December 2007)

Stock of direct foreign investment - at home

$644.6 billion (31 December 2008 est.)
$724.1 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$843.7 billion (31 December 2008 est.)
$876.9 billion (31 December 2007 est.)

Market value of publicly traded shares

$456.2 billion (31 December 2008)
$956.5 billion (31 December 2007)
$779.6 billion (31 December 2006)

Economic aid - recipient

$21.32 million (2004)

Economic aid - donor

ODA, $5.452 billion (2006)

Currency (code)

euro (EUR)

Currency (code)

EUR

Exchange rates

euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year

calendar year