Netherlands - Economy

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 continues to be one of the leading European nations for attracting foreign direct investment and is one of the five largest investors in the US. The economy experienced a slowdown in 2005 but in 2006 recovered to the fastest pace in six years on the back of increased exports and strong investment. The pace of job growth reached 10-year highs in 2007.

GDP (purchasing power parity): $638.9 billion (2007 est.)

GDP (official exchange rate): $644.6 billion (2007 est.)

GDP - real growth rate: 2.8% (2007 est.)

GDP - per capita (PPP): $38,600 (2007 est.)

GDP - composition by sector: 
agriculture: 2.2%
industry: 24%
services: 73.8% (2007 est.)

Labour Force: 7.5 million (2007 est.)

Labour Force by Occupation: 
agriculture: 3%
industry: 21%
services: 76% (2005 est.)

Unemployment Rate: 4.5% (2007 est.)

Population below the Poverty Line: 10.5% (2005)

Household income or consumption by percentage share: 
lowest 10%: 2.5%
highest 10%: 22.9% (1999)

Distribution of family income - Gini index: 30.9 (2005)

Inflation rate (consumer prices): 1.8% (2007 est.)

Investment (gross fixed): 19.9% of GDP (2007 est.)

Budget: 
revenues: $302.8 billion
expenditures: $352.3 billion (2007 est.)

Public Debt: 47.7% of GDP (2007 est.)

Agriculture Products: grains, potatoes, sugar beets, fruits, vegetables; livestock

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

Industrial production growth rate: 2% (2007 est.)

Electricity Production: 94.34 billion kWh (2005)

Electricity Consumption: 108.2 billion kWh (2005)

Electricity Exports: 5.398 billion kWh (2005)

Electricity Imports: 23.69 billion kWh (2005)

Oil Production: 84,390 bbl/day (2005)

Oil Consumption: 1.024 million bbl/day (2005 est.)

Oil Exports: 1.546 million bbl/day (2004)

Oil Imports: 2.465 million bbl/day (2004)

Oil Proved Reserves: 106 million bbl (1 January 2006 est.)

Natural Gas Production: 75.58 billion cu m (2005 est.)

Natural Gas Consumption: 47.46 billion cu m (2005 est.)

Natural gas - exports: 50.21 billion cu m (2005 est.)

Natural Gas Imports: 22.08 billion cu m (2005)

Natural Gas proved reserves: 1.684 trillion cu m (1 January 2006 est.)

Current Account Balance: $59.28 billion (2007 est.)

Exports: $465.3 billion f.o.b. (2007 est.)

Exports-Commodities: machinery and equipment, chemicals, fuels; foodstuffs

Exports-Partners: Germany 25.5%, Belgium 14%, UK 8.9%, France 8.6%, Italy 5.1%, US 4.5% (2006)

Imports: $402.4 billion f.o.b. (2007 est.)

Imports Commodities: machinery and transport equipment, chemicals, fuels, foodstuffs, clothing

Imports Partners: Germany 17.1%, Belgium 9.4%, China 9.4%, US 7.8%, UK 5.9%, Russia 5.1%, France 4.5% (2006)

Reserves of foreign exchange and gold: $23.9 billion (2006 est.)

Debt-External: $2.277 trillion (30 June 2007)

Economic Aid-Donor: ODA, $4 billion (2003 est.)

Currency Code: euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Exchange rates: euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

Fiscal year: calendar year

This information comes from the CIA World Factbook January 2008.