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Economy of Netherlands


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The Netherlands has a developed economy and has been playing a special role in the European economy for many centuries. Since the 16th century, shipping, fishing, trade, and banking have been leading sectors of the Dutch economy. The Netherlands is one of the world's 10 leading exporting countries. Foodstuffs form the largest industrial sector. Other major industries include chemicals, metallurgy, machinery, electrical goods, and tourism. Examples include Unilever, Heineken, financial services (ING), chemicals (DSM), petroleum refining (Shell), electronical machinery (Philips, ASML) and car navigation TomTom.

The Netherlands has the 17th largest economy in the world, and ranks 10th in GDP (nominal) per capita. Between 1997 and 2000 annual economic growth (GDP) averaged nearly 4%, well above the European average. Growth slowed considerably from 2001 to 2005 with the global economic slowdown, but accelerated to 4.1% in the third quarter of 2007. Inflation is 1.3%, and unemployment is at 4.0% of the labour force. By Eurostat standards, unemployment in the Netherlands is at 4.1% (April 2010) – the lowest rate of all European Union member states. But in Q3 and Q4 2011, the Dutch economy contracted by 0.4% and 0.7%, respectively due to European Debt Crisis, while in Q4 the Eurozone economy shrunk by 0.3%. The Netherlands also has a relatively low GINI coefficient of 0.326. Despite ranking only 7th in GDP per capita, UNICEF ranked the Netherlands 1st in child well-being. On the Index of Economic Freedom Netherlands is the 13th most free market capitalist economy out of 157 surveyed countries.

Amsterdam is the financial and business capital of the Netherlands. The Amsterdam Stock Exchange (AEX), part of Euronext, is the world's oldest stock exchange and is one of Europe's largest bourses. It is situated near Dam Square in the city's centre. As a founding member of the euro, the Netherlands replaced (for accounting purposes) its former currency, the "Gulden"
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