Netherlands' Macroeconomic Analysis:
Nominal GDP of USD 1,008 billion in 2022.
Nominal GDP of USD 1,154 billion in 2023.
GDP per capita of USD 64,806 compared to the global average of USD 10,589.
GDP per capita of USD 57,276 compared to the global average of USD 10,589.
Average real GDP growth of 1.7% over the last decade.
Average real GDP growth of 1.9% over the last decade.
Sector Analysis
In 2021, services accounted for 80% of overall GDP, manufacturing 11%, other industrial activity 7%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 42% of GDP in 2021, government consumption 26%, fixed investment 21%, and net exports 11%.International trade
In 2021, manufactured products made up 66% of total merchandise exports, mineral fuels 9%, food 15%, ores and metals 3% and agricultural raw materials 3%, with other categories accounting for 4% of the total. In the same period, manufactured products made up 67% of total merchandise imports, mineral fuels 13%, food 12%, ores and metals 3% and agricultural raw materials 2%, with other goods accounting for 3% of the total. Total exports were worth USD 730 billion in 2022, while total imports were USD 653 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 1.7% in the decade to 2022. To read more about GDP growth in Netherlands, go to our dedicated page.
Fiscal policy
Netherlands's fiscal deficit averaged 1.1% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 6.0% in the decade to 2022. For more information on Netherlands's unemployment click here.
Inflation
Inflation averaged 2.5% in the decade to 2022. Go to our Netherlands inflation page for extra insight.
Monetary Policy
Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Netherlands monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Economic situation in Netherlands
The economy shifted into a lower gear in Q3, with GDP rising 0.8% on a seasonally adjusted quarter-on-quarter basis (Q2: +1.1% qoq s.a.). The moderation stemmed from cooling growth in public spending and fixed investment, coupled with declining net exports. Turning to Q4, our Consensus is for the economy to be coming to a near halt. In October, weaker manufacturing output brought industrial activity below Q3’s level, and elevated inflation capped retail sales. Additionally, economic sentiment averaged below Q3’s figure in October–November due to deteriorating sentiment in the industrial sector and among consumers. More positively, annual goods exports growth surged in October, pointing to recovering external demand. The ECB’s monetary policy easing cycle should also be supporting momentum.Netherlands Economic Forecasts
Projections out to 2034.51 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 24 expert analysts.
Want to get insight on the economic outlook for Netherlands in the coming years? FocusEconomics collects projections out to 2034 on 51 economic indicators for Netherlands from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Netherlands economy. To download a sample report on the Netherlands' economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.