Netherlands Economy - 2024

Economic overview

high-income European economy; core EU member; chemical, oil, and machinery exporter; some age-based income inequality; substantial amount of independent contractor employees; manageable public debt; key international aid funder.

Real GDP (purchasing power parity)

$992.675 billion (2021 est.)
$946.637 billion (2020 est.)
$984.912 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.86% (2021 est.)
-3.89% (2020 est.)
1.96% (2019 est.)

Real GDP per capita

$56,600 (2021 est.)
$54,300 (2020 est.)
$56,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$907.042 billion (2019 est.)

Inflation rate (consumer prices)

2.68% (2021 est.)
1.27% (2020 est.)
2.63% (2019 est.)

Credit ratings

Fitch rating: AAA (1994)

Moody's rating: Aaa (1986)

Standard & Poors rating: AAA (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.6% (2017 est.)

industry: 17.9% (2017 est.)

services: 70.2% (2017 est.)

GDP - composition, by end use

household consumption: 44.3% (2017 est.)

government consumption: 24.2% (2017 est.)

investment in fixed capital: 20.5% (2017 est.)

investment in inventories: 0.2% (2017 est.)

exports of goods and services: 83% (2017 est.)

imports of goods and services: -72.3% (2017 est.)

Agricultural products

milk, potatoes, sugar beets, pork, onions, wheat, poultry, tomatoes, carrots/turnips, beef

Industries

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

Industrial production growth rate

4.93% (2021 est.)

Labor force

9.902 million (2021 est.)

Unemployment rate

4.01% (2021 est.)
3.82% (2020 est.)
3.38% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.6% (2021 est.)

male: 10%

female: 9.2%

Population below poverty line

13.6% (2019 est.)

Gini Index coefficient - distribution of family income

29.2 (2019 est.)

Average household expenditures

on food: 11.4% of household expenditures (2018 est.)

on alcohol and tobacco: 3.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%

highest 10%: 24.9% (2014 est.)

Remittances

0.23% of GDP (2021 est.)
0.23% of GDP (2020 est.)
0.25% of GDP (2019 est.)

Budget

revenues: $396.687 billion (2019 est.)

expenditures: $374.166 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.1% (of GDP) (2017 est.)

Public debt

56.5% of GDP (2017 est.)
61.3% of GDP (2016 est.)

note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment, debt instruments for the social funds are not sold at public auctions

Taxes and other revenues

24.38% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$73.138 billion (2021 est.)
$46.794 billion (2020 est.)
$62.998 billion (2019 est.)

Exports

$839.6 billion (2021 est.) note: data are in current year dollars
$712.3 billion (2020 est.) note: data are in current year dollars
$751.2 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 20%, Belgium 12%, United Kingdom 9%, France 7%, United States 5% (2019)

Exports - commodities

refined petroleum, broadcasting equipment, packaged medicines, photography equipment, computers (2021)

Imports

$735.7 billion (2021 est.) note: data are in current year dollars
$620.5 billion (2020 est.) note: data are in current year dollars
$662 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 15%, China 11%, Belgium 9%, United States 8%, Russia 7%, United Kingdom 5% (2019)

Imports - commodities

crude petroleum, refined petroleum, broadcasting equipment, computers, cars (2019)

Reserves of foreign exchange and gold

$64.469 billion (31 December 2021 est.)
$53.971 billion (31 December 2020 est.)
$43.32 billion (31 December 2019 est.)

Debt - external

$4,345,413,000,000 (2019 est.)
$4,625,016,000,000 (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)