Netherlands Economy 2008

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 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.)

Labor force:
7.5 million (2007 est.)

Labor force - by occupation:
agriculture: 3%
industry: 21%
services: 76% (2005 est.)

Unemployment rate:
4.5% (2007 est.)

Population below 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 - 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:
$2.277 trillion (30 June 2007)

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:
$924.4 billion (November 2007)

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)