Netherlands Economy 2007

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 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 country continues to be one of the leading European nations for attracting foreign direct investment. Economic growth slowed considerably in 2001-06, as part of the global economic slowdown, but for the four years before that, annual growth averaged nearly 4%, well above the EU average.

GDP (purchasing power parity):
$529.6 billion (2006 est.)

GDP (official exchange rate):
$613.3 billion (2006 est.)

GDP - real growth rate:
3% (2006 est.)

GDP - per capita (PPP):
$32,100 (2006 est.)

GDP - composition by sector:
agriculture: 2.2%
industry: 24.1%
services: 73.7% (2006 est.)

Labor force:
7.49 million (2006 est.)

Labor force - by occupation:
agriculture: 2%
industry: 19%
services: 79% (2004 est.)

Unemployment rate:
5.5% (2006 est.)

Population below poverty line:
10.5% (1999)

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):
1.1% (2006 est.)

Investment (gross fixed):
19.7% of GDP (2006 est.)

Budget:
revenues: $317.1 billion
expenditures: $313.1 billion (2006 est.)

Public debt:
49.4% of GDP (2006 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:
2.3% (2006 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:
95,800 bbl/day (2004)

Oil - consumption:
946,700 bbl/day (2004 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)

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:
$57.52 billion (2006 est.)

Exports:
$391.1 billion f.o.b. (2006 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:
$343 billion f.o.b. (2006 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)

Economic aid - donor:
ODA, $4 billion (2003 est.)

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

Debt - external:
$1.899 trillion (30 June 2006)

Stock of direct foreign investment - at home:
$450.9 billion (2006 est.)

Stock of direct foreign investment - abroad:
$652.3 billion (2006 est.)

Market value of publicly traded shares:
$727.5 billion (2005)

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 - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)