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Economy - overview:
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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 4% 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 2001-03, as part of the global economic slowdown, but for the four years before that, annual growth averaged nearly 4%, well above the EU average. The government is wrestling with a deteriorating budget position, and is moving toward the EU 3% of GDP budget deficit limit.
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GDP:
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purchasing power parity - $461.4 billion (2003 est.)
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GDP - real growth rate:
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-0.7% (2003 est.)
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GDP - per capita:
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purchasing power parity - $28,600 (2003 est.)
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GDP - composition by sector:
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agriculture: 2.5%
industry: 24.4%
services: 73.1% (2003 est.)
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Investment (gross fixed):
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20.1% of GDP (2003)
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Population below poverty line:
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NA
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Household income or consumption by percentage share:
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lowest 10%: 2.8%
highest 10%: 25.1% (1994)
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Distribution of family income - Gini index:
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32.6 (1994)
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Inflation rate (consumer prices):
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2.1% (2003 est.)
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Labor force:
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7.46 million (2003)
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Labor force - by occupation:
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agriculture 4%, industry 23%, services 73% (1998 est.)
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Unemployment rate:
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5.3% (2003 est.)
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Budget:
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revenues: $237.1 billion
expenditures: $249.5 billion, including capital expenditures of NA (2003)
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Public debt:
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54.1% of GDP (2003)
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Industries:
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agroindustries, metal and engineering products, electrical machinery and equipment, chemicals, petroleum, construction, microelectronics, fishing
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Industrial production growth rate:
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-2.1% (2003 est.)
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Electricity - production:
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88.32 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 89.9%
hydro: 0.1%
other: 5.7% (2001)
nuclear: 4.3%
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Electricity - consumption:
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99.42 billion kWh (2001)
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Electricity - exports:
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4.209 billion kWh (2001)
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Electricity - imports:
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21.49 billion kWh (2001)
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Oil - production:
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46,200 bbl/day (2001 est.)
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Oil - consumption:
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895,300 bbl/day (2001 est.)
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Oil - exports:
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1.418 million bbl/day (2001)
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Oil - imports:
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2.284 million bbl/day (2001)
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Oil - proved reserves:
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88.06 million bbl (1 January 2002)
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Natural gas - production:
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77.75 billion cu m (2001 est.)
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Natural gas - consumption:
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49.72 billion cu m (2001 est.)
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Natural gas - exports:
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49.28 billion cu m (2001 est.)
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Natural gas - imports:
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20.78 billion cu m (2001 est.)
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Natural gas - proved reserves:
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1.693 trillion cu m (1 January 2002)
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Agriculture - products:
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grains, potatoes, sugar beets, fruits, vegetables; livestock
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Current account balance:
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$12.09 billion (2003)
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Exports:
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$253.2 billion f.o.b. (2003 est.)
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Exports - commodities:
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machinery and equipment, chemicals, fuels; foodstuffs
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Exports - partners:
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Germany 25.3%, Belgium 12.6%, France 10.2%, UK 10.1%, Italy 6%, US 4.5% (2003 est.)
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Imports:
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$217.7 billion f.o.b. (2003 est.)
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Imports - commodities:
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machinery and transport equipment, chemicals, fuels; foodstuffs, clothing
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Imports - partners:
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Germany 18.2%, Belgium 10%, US 8%, UK 7.3%, China 6.2%, France 5% (2003 est.)
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Reserves of foreign exchange & gold:
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$21.44 billion (2003)
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Economic aid - donor:
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ODA, $3.3 billion (2002 est.)
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Currency:
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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
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Currency code:
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EUR
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Exchange rates:
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
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