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