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Economy of the Netherlands
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{{Short description|none}}{{Use dmy dates|date=January 2022}}{{Multiple issues|{{Original research|date=April 2013}}{{More citations needed|date=February 2014}}}}- the content below is remote from Wikipedia
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| country | the Netherlands| image = Zuidas Panorama (By Guido van der Heijden).jpg| image_size = 310px| caption = Zuidas in Amsterdam| currency = Euro (EUR, €)| fixed exchange = | year = Calendar year
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| List of European countries by average wage>€4,191 monthly | List of European countries by average wage>€3,145 monthly | Agriculture, oil and natural gas, metal and engineering>engineering products, electronic machinery and equipment, chemicals, petroleum, construction, microelectronics, fishing| exports = {{increase}} $719.78 billion (2020)| export-goods = Machinery and transport equipment, chemicals, mineral fuels, food and livestock, manufactured goods |
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| List of countries by foreign-exchange reserves>41st)| spelling = Dutch}}(File:2006Dutch exports.PNG|thumb|260px|Dutch exports in 2006)File:Labour productivity levels in europe.svg|thumb|260px|The labour productivity level of the Netherlands is one of highest in Europe. OECDOECDFile:Part-time employment rate in OECD.svg|thumb|right|300px|Part-time employmentPart-time employmentThe economy of the Netherlands is a highly developed market economy focused on trade and logistics, manufacturing, services, innovation and technology and sustainable and renewable energy.WEB, Netherlands: Introduction,weblink 2024-01-03, globaledge.msu.edu, en-us, WEB, Netherlands Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption,weblink 2024-01-03, www.heritage.org, en, It is the world's 18th largest economy by nominal GDP and the 28th largest by purchasing power parity (PPP) and is the fifth largest economy in European Union by nominal GDP.WEB, World Bank,weblink It has the world's 11th highest per capita GDP (nominal) and the 13th highest per capita GDP (PPP) as of 2023 making it one of the highest earning nations in the world. Many of the world's largest tech companies are based in its capital Amsterdam or have established their European headquarters in the city, such as IBM, Microsoft, Google, Oracle, Cisco, Uber, Netflix and Tesla.NEWS, 2016-05-22, The Next Global Tech Hotspot? Amsterdam Stakes Its Claim, en, Bloomberg.com,weblink 2024-01-03, WEB, 2023-02-13, The Netherlands is One of the Best Countries for Tech Companies,weblink 2024-01-03, Visit Leiden, en, Its second largest city Rotterdam is a major trade, logistics and economic center of the world and is Europe's largest seaport.WEB,weblink Bevolkingsontwikkeling; regio per maand, Dutch, Statistics Netherlands, CBS StatLine, 23 July 2021, live,weblink 25 July 2019, 8,219,380 Randstad2,620,000 Rotterdam-The Hague Metro1,160,000 Rotterdam Urban 651,446 Rotterdam Municipality Netherlands is ranked fifth on global innovation index and fourth on the Global Competitiveness Report. The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a sizable current account surplus (which, compared to the size of the country, is even more than Germany) and an important role as a European transportation hub; Rotterdam is the biggest port in Europe; and Amsterdam has one of the biggest airports in the world. Industrial activity is predominantly in food processing, chemicals, petroleum refining, high-tech, financial services, the creative sector and electrical machinery. Its highly mechanized agricultural sector employs no more than 2% 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 Netherlands has had steady natural gas resources since 1959, when a wellspring was discovered. Currently the Netherlands accounts for more than 25% of all natural gas reserves in the European Union. Over the following decades, the sale of natural gas generated a significant rise in revenue for the Netherlands.NEWS,weblinkinternational/article2274261.ece/The_Dutch_curse_how_billions_from_natural_gas_went_up_in_smoke, The Dutch curse: how billions from natural gas went up in smoke, Banning, Cees, 17 June 2009, NRC Handelsblad, https:web.archive.org/web/20161221000129weblink 21 December 2016, However, the unforeseen consequences of the country's energy wealth originally impacted the competitiveness of other sectors of the economy, leading to the theory of Dutch disease, after the discovery of the vast Groningen gas field.The Netherlands is a "conduit country" that helps to funnel profits from high-tax countries to tax havens.WEB,weblink Is the Netherlands Still a Tax Haven?, Schindler, Dirk, January 28, 2022, Erasmus University Rotterdam, April 2, 2023, It has been ranked as the 4th largest tax haven in the World.WEB,weblink Corporate Tax Haven Index, 2021, Tax Justice Network, April 2, 2023, The stern financial policy was abandoned in 2009, because of the then-current credit crises. The relatively large banking sector was partly nationalized and bailed out through government interventions. The unemployment rate dropped to 5.0% in the summer of 2011, but increased with a sharp rate to 7.3% in May 2013, and 6.8% in 2015. It dropped again to 3.9% in March 2018.WEB, Kerncijfers - arbeid, Centraal Bureau voor de Statistiek,weblink 14 April 2012, WEB, Unemployment falls below 4 percent, 19 April 2018,weblink CBS, 19 April 2018, The state budget deficit was about 2.2% in 2015, well below the norm of 3.0% in the EU.NEWS, Begrotingstekort 2011 valt hoger uit, z24, 17 February 2012, 14 April 2012,weblink In 2016, the state budget showed a surplus of 0.4%. It was expected to grow to a surplus of over 1.0% in 2017.WEB,weblink CBS StatLine - Overheid; Overheidssaldo en overheidsschuld, Statline.cbs.nl, 4 January 2018, Historically, the Dutch introduced and invented the stock market,WEB,weblink Missing File, 1.worldbank.org, 4 January 2018,weblink" title="web.archive.org/web/20120914115135weblink">weblink 14 September 2012, dead, which initially focused on merchandise trading through the Dutch East India Company. The Netherlands is a founding member of the European Union, the OECD and the World Trade Organization.History{{see also|Economic history of the Netherlands (1500–1815)|Financial history of the Dutch Republic}}After declaring its independence from the empire of Philip II of Spain in 1581, the Netherlands experienced almost a century of explosive economic growth. A technological revolution in shipbuilding and trade knowledge and capital, due to Protestant traders of Flanders who fled to the Netherlands, helped the young Republic become the dominant trade power by the mid-17th century. In 1670 the Dutch merchant marine totalled 568,000 tons of shipping—about half the European total. The main reasons for this were the dominance of the Amsterdam Entrepôt in European trade, and that of the Dutch East India Company (or Verenigde Oost-Indische Companie – VOC) and West India Companies in intercontinental trade. Unique was that the V.O.C. was the first multinational, while its shares were traded at the Amsterdam stock exchange, one of the first in the world. Beside trade, an early "industrial revolution" (powered by wind, water and peat), land reclamation from the sea, and agricultural revolution, helped the Dutch economy achieve the highest standard of living in Europe (and presumably the world) by the middle of the 17th century. Affluence facilitated what is known as the Dutch Golden Age. This economic boom abruptly came to an end by a combination of political-military upheavals and adverse economic developments around 1670. Still the Netherlands kept a high level of prosperity, due to trade and agriculture.Towards the 1800s, the Netherlands did not industrialize as rapidly as some other countries in Europe. One explanation for this is that the Netherlands were struggling to come to terms with having lost their dominant economical (based mainly on trade and agriculture) and political position in the world. Griffiths argues that government policies made possible a unified Dutch national economy in the 19th century. They included the abolition of internal tariffs and guilds; a unified coinage system; modern methods of tax collection; standardized weights and measures; and the building of many roads, canals, and railroads.The rest of Europe in the 19th century saw the gradual transformation of the Netherlands into a modern middle-class industrial society. The number of people employed in agriculture decreased while the country made an effort to revive its stake in the highly competitive industrial and trade business. The Netherlands lagged behind Belgium until the late 19th century in industrialization, then caught up by about 1920. Major industries included textiles and (later) the great Philips industrial conglomerate. Rotterdam became a major shipping and manufacturing center.BOOK, Loyen, Reginald, Struggling for Leadership: Antwerp-Rotterdam Port. Competition 1870–2000,weblink 2003, Springer, etal, 978-3-7908-1524-5, Poverty slowly declined and begging largely disappeared along with steadily improving working conditions for the population.Since 1959, the Netherlands discovered large natural gas fields. The export of natural gas led to large windfall profits. However, as an unforeseen consequence, these were believed to have led to a decline in the manufacturing sector in the Netherlands."The Dutch Disease" (26 November 1977). The Economist, pp. 82–83.GovernmentWhile the private sector is the cornerstone of the Dutch economy, governments at different levels have a large part to play. Public spending, excluding social security transfer payments, was at 28% of GDP in 2011.WEB,weblink General government final consumption expenditure (% of GDP), World Bank, 7 April 2013, Total tax revenue was 38.7% of GDP in 2010,WEB,weblink Total tax revenue as percent of GDP, OECD, 7 April 2013, which was below the EU average.WEB,weblink Main national accounts tax aggregates, Eurostat, 7 April 2013, In addition to its own spending, the government plays a significant role through the permit requirements and regulations pertaining to almost every aspect of economic activity. The government combines a rigorous and stable microeconomic policy with wide-ranging structural and regulatory reforms. The government has gradually reduced its role in the economy since the 1980s. Privatization and deregulation is still continuing. With regards to social and economic policy, the government cooperates with its so called social partners (trade unions and employers' organizations). The three parties come together in the Social-Economic Council (‘Sociaal Economische Raad’), the main platform for social dialogue.Social security systemThe Dutch social security is very comprehensive, covering Dutch residents in an encompassing manner and is divided into the national security ((:nl:Volksverzekering|Volksverzekeringen)) and the employee insurance ((:nl:Werknemersverzekering|Werknemersverzekeringen)). Whereas the first covers all living in the Netherlands and the social benefits provided, the latter provides employment-related benefits.WEB,weblink Your social security rights in the Netherlands, 2013, Ec.europa.eu, 4 January 2018, All living in the Netherlands are required to pay into the social security system, including residents from outside the Netherlands, with a few exceptions.WEB,weblink SVB home - SVB, Verzekeringsbank, Sociale, Svb.nl, en, 5 December 2017, 24 May 2019,weblink dead, The Volksverzekeringen is compulsory for all and covers the residents under different forms of national insurance:NEWS,weblink Social security in the Netherlands, 27 June 2022, en, BOOK, Social Welfare in Developed Market Countries, Roebroek, Joop M., Routledge, 2016, 9781317366775, Dixon Scheurell, John Robert P., 147–189,
Unemployment benefitsCoverageThe unemployment benefits in the Netherlands, as set out under the WW, covers almost all employees, that are employees based on a working-contract. Excluded from the WW are the following: self-employed, nationally employed, persons working less than four days a week, heads of stockholders and voluntary workers that earn up to €150 per year.Right to benefitsTo profit from the benefit the unemployed has to submit an application to the Employee Insurance Agency (Uitvoeringsinstituut Werknemersverzekeringen (UWV)) within one week of becoming unemployed and additionally has to register as job-seeker. The WW only covers employees with a sufficient work history, meaning that an applicant has to have been working for at least 26 weeks in the past 36 weeks before becoming unemployed. If so, the working-weeks requirement is met. Moreover, the employee is only eligible to unemployment benefits if the unemployment has not been due to his own fault (e.g. own termination of the job contract).BenefitsThe benefits received through the WW are earnings-related and amount to a sum of 75% percent of the previous earnings per day (which is based on 5 working days per week) for the duration of two months. After those two months the benefits amount to 70%. Part-time work is taken into account with a calculation of parts of the working hours. If this benefit is less than the minimum income, the unemployed has the possibility of supplementation through the Additional Allowances Act (Toeslagenwet) to sum up the amount. All jobs in the previous twelve months are counted in to the calculation of the benefits, if a change of work has taken place. To obtain the benefits for a continued time, the unemployed needs to be actively looking for work. Moreover, one needs to participate in e-coaching three and twelve months after the start of unemployment. After one year of unemployment one must register with an employment agency.Controversial issuesLabour market and social welfareThe Dutch labour market has relatively strict regulations for employers on firing employees, although by June 2014 the House of Representatives has agreed to loosen these regulations.{{update inline|date=October 2018}} Due to the costs of employees and costs of firing them, a big part of the working force (about 15% of the working force) is an independent one person company (ZZP). They are independent and get paid by delivery without higher social costs.{{clarify|date=October 2018}} Another big part of the workforce is hired as temporary workforce. State unemployment benefits in the form of a 70% benefit of the employee's last-earned salary for up to three years (with a maximum of roughly 2500 euros per month) are available for fired employees, provided that they have worked for a certain minimum time period, usually 26 weeks. Moreover, the self-employed individuals (zelfstandigen zonder personeel (ZZP)) are not automatically covered under the Werknemersverzekeringen, and are not obligated to enroll into unemployment, sickness or disabilities insurance. Self-employed individuals, hence, are required to enroll themselves with private insurance companies.WEB,weblink OECD - Social Policy Division - Directorate of Employment, Labour and Social Affairs : Country chapter - Benefits and Wages : The Netherlands, 2002, Oecd.org, 4 January 2018,Age of retirementEvery Dutch citizen gets according to the AOW act of 1956, a state pension, from the age of 65. The act was amended in 2012 that makes the age in several stages up to 67 years in 2024 . Married couples or those who live together receive 50% of minimum wage per person and a single person receives 70% of minimum wage. Most (about 70%) earn an extra pension from private pension funds. Employees are obliged to take part in the sector pension funds.{{clarify|date=October 2018}} In total the amount of pension funds were at the end of 2009 some 664 billion euro and at the end of 2019 1560 billion euro for a bit more than 17 million people. Employees receive on average about 70% of their last salary. During the economic crisis{{which|date=October 2018}} and because of low interest rates, pensions funds have had difficulty keeping up with inflation.Inequality and redistributionWith a Gini coefficient of 25.1 (2013) the income inequality is relatively low in the Netherlands. However, the inequality when measured in distributions of household wealth is high, where the top 1% owns 24% of all net wealth, and the top 10% own 60%. Moreover, rather large wealth disparities persist in the Netherlands in relation to age, where those under 35 years-of-age own 10% as much as older workers. This is a consequence from the low taxation of home ownership and a generous mortgage interest deductibility, which benefit the wealthier households.WEB,weblink In It Together Why Less Inequality Benefits All... in the Netherlands, 2015, Oecd.org, 4 January 2018, Due to the generous pensions the pension-related savings are the most important part of wealth in the Netherlands, yet are not subject to capital income taxation, which increases the inequality. The taxation comes as income tax when the saved pension is paid out. People having earned minimum wages only, will not build up any pension. The idea behind a pension is to have a net income after retirement that is comparable to before retirement. The AOW, the Dutch retirement law, guarantees an income up to 70% of minimum wage per person. Therefore, only people earning more than minimum wage need to save to ensure comparable income after retirement.Home mortgage interest deductionThe Netherlands was{{when|date=October 2023}} one of the few countries in the world where the interest paid on mortgages is almost fully deductible from income tax. Since 2013 big changes were made. The conditions allowing a borrowing of more than 116% of the value of the home were reduced to 106% and are still continuously being reduced every year. The deduction is also capped to 50.5% and reducing every year.WEB, Tariefsaanpassing aftrek kosten eigen woning,weblink Belastingdienst, 15 May 2017,weblink" title="web.archive.org/web/20170131120755weblink">weblink 31 January 2017, dead, Together with the after-effects of the financial crisis of 2007–2008 the result was a housing crisis, with a decrease of prices almost 25% percent in some areas. Recent years have shown a recovery of 10% to even 20% per year in the most popular cities.The Service sector accounts for more than half of the national income, primarily in transportation, distribution and logistics, financial areas, software development and the creative industry. The breadth of service providers in financial services has contributed to the Netherlands achieving a DAW Index score of 5 in 2012. Industrial activity is dominated by the machinery, electronics/high tech industry, metalworking, oil refining, chemical, and food-processing industries. Construction amounts to about 6% of GDP. Agriculture and fishing, although visible and traditional Dutch activities, account for just 2%.The Netherlands continues to be one of the leading European nations for attracting foreign direct investment and is one of the five largest investors in the United States. The economy experienced a slowdown in 2005, but in 2006 recovered to the fastest pace in six years on the back of increased exportsWEB, Netherlands Business Overview,weblink live,weblink 20 April 2020, and strong investment. The pace of job growth reached 10-year highs in 2007. The Netherlands is the fifth-most competitive economy in the world, according to the World Economic Forum's Global Competitiveness Report.WEB,weblink Global Competitiveness Report 2012–2013, World Economic Forum, 5 September 2012, 11 June 2013, dead,weblink" title="web.archive.org/web/20141210040419weblink">weblink 10 December 2014,Primary sectorAgricultureIn 2018, in addition to smaller productions of other agricultural products,France production in 2018, by FAO the Netherlands produced:Netherlands production in 2018, by FAO
Energy sectorNatural gas{{See also|Dutch disease}}(File:Natural gas NL.png|thumb|Natural gas concessions in the Netherlands. Today the Netherlands accounts for more than 25% of all Natural Gas reserves in the EU.)File:Wildervank natural gas field.jpg|thumb|250px|Station Wildervank of the Groningen natural gas field, which transformed the Netherlands economy after its discovery in 1959, leading to the theory of Dutch diseaseDutch diseaseThe discovery of the large Groningen natural gas field in 1959 and the massive windfalls accrued over subsequent decades, were believed to have led to a decline in the manufacturing sector in the Netherlands, leading to the theory of Dutch disease.While its oil reserves in the North Sea are of little importance, the Netherlands have an estimated 25% of natural gas reserves in the EU.WEB,weblink The hunt for gas and oil reserves that are more difficult to extract, EBN, dead,weblink 7 September 2015, Natural gas reserves of the Netherlands are estimated (as of 2014) to be about 600 billion cubic feet,REPORT, 2015,weblink Focus on Dutch Oil and Gas 2015, EBN, 10, or about 0.3% of the world total. In 2014–2015 the government decided to reduce the production of gas in the province Groningen significantly due to problems of sinking ground, differential settlement levels and tremors (small earth quakes) causing damages to properties, end 2018 the government decided to completely abandon the gas production in the province of Groningen by reducing the production slightly each year, the production was expected to come to a halt entirely by 2028.WEB,weblink Gas field earthquakes put Netherlands' biggest firms on extraction notice, TheGuardian.com, 23 January 2018, On June 23, 2023, the government decided to close the remaining five production facilities as of October 1, 2023. The possibility of reopening one or more facilities is being kept open, citing the uncertain international situation and possibly very cold weather as possible reasons for this. All wells will be permanently closed and dismantled as of October 1, 2024. WEB,weblink Gaswinning Groningen stopt per 1 oktober 2023, rijksoverheid.nl, 23 June 2023, nl, To reduce its greenhouse emissions, the government of the Netherlands is subsidizing a transition away from natural gas for all homes in the country by 2050.WEB,weblink 1 October 2018, Van der Pekbuurt gaat als eerste Amsterdamse wijk van het aardgas af, nl, In the Netherlands, 98% of enterprises are reducing greenhouse gas emissions, beating the EU average of 89%. However, only 48% of Dutch firms set and monitor their own emission targets.BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, Dutch enterprises mostly cut emissions through waste reduction or recycling (86%), as well as energy efficiency programmes (76%).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, WEB, A Circular Economy in the Netherlands by 2050,weblink In the Netherlands, 78% of enterprises have invested in reducing carbon emissions and mitigating the impact of weather disasters as of 2023. Six out of ten (60%) plan to invest in these areas during the next three years. The numbers for 'already invested' and 'intend to invest' above the EU average (56% and 54%, respectively).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, The largest invested is in trash reduction or recycling (86% of Dutch firms).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, Dutch companies are more likely to see the transition to stronger climate laws as an opportunity (39% vs 23% from other European firms).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN,Nuclear energy{{further|Nuclear energy in the Netherlands}}Researchers in the Netherlands began studying nuclear energy in the 1930s and began construction of research reactor Dodewaard in 1955. Researchers’ goal was to introduce nuclear power technology by 1962 and replace fossil fuels. In 1968, a test nuclear reactor was attached to the power grid. This unit was shut down in 1997. In the 1970s, the Dutch chose a policy that required reprocessing all spent nuclear fuel. In 1984, the government decided to create a long-term (100 years) storage facility for all intermediate and low-level radioactive waste and research strategies for ultimate disposal. In September 2003, the Central Organization for Radioactive Waste created an interim storage facility for high-level waste. The Netherlands' only commercial nuclear reactor is Borssele, which became operational in 1973 and {{as of|2011|lc=on}} produces about 4% of the country's electricity.WEB, Nuclear Power in the Netherlands, World Nuclear Association (WNA),weblink January 2011, 21 February 2011, 27 February 2013,weblink" title="web.archive.org/web/20130227105558weblink">weblink dead, The older Dodewaard nuclear power plant was a test reactor that later got attached to the national grid but was closed in 1997. A 2MW research reactor known as Reactor Institute Delft (RID) is located in Delft, as part of the physics department of Delft University of Technology. This reactor is not meant for energy provision but used as a neutron and positron source for research.In 1994, the States General of the Netherlands voted to phase out nuclear power after a discussion of nuclear waste management. In 1997, the power station at Dodewaard was shut down and the government decided it was planning to end Borssele's operating license in 2003. This has since been postponed to 2034, if it complied with the highest safety standards.{{Citation needed|date=July 2007}} After the 2010 election, the new government was open to expanding nuclear power. Both of the companies that share ownership of Borssele are proposing to build new reactors.WEB,weblink Holland slashes carbon targets, shuns wind for nuclear, Andrew, Orlowski, 10 February 2011, The Register, 21 February 2011, WEB,weblink Energiepolitik: Holland plant strahlende Zukunft, Michael, Gassmann, de, 8 February 2011, Financial Times Deutschland, 21 February 2011, dead,weblink" title="web.archive.org/web/20110211022605weblink">weblink 11 February 2011, dmy-all, In January 2012, Delta announced it postpones any decision to start building a second nuclear power plant.TourismIn 2011, the Netherlands was visited by 11.3 million foreign tourists.WEB, UNWTO Tourism Highlights, 2013 Edition,weblink United Nations World Tourism Organization, 25 August 2013, 9 April 2014,weblink" title="web.archive.org/web/20140409080119weblink">weblink dead, In 2012, the Dutch tourism industry contributed 5.4% in total to the country's GDP and 9.6% in total to its employment. With its global ranking of 147th and 83rd place for total contribution to respectively GDP and employment, tourism is a relatively small sector of the Dutch economy.WEB, Netherlands Economic Impact Report,weblink World Travel & Tourism Council, 25 August 2013, North Holland was by far the most popular province for foreign tourists in 2011. Out of all 11.3 million tourists, 6 million visited North Holland. South Holland took the second place with 1.4 million. Germans, Britons and Belgians made up the majority of foreign tourists, respectively 3, 1.5 and 1.4 million.WEB, Toerisme en recreatie in cijfers 2012, 16 November 2012,weblink Statistics Netherlands, 25 August 2013, nl, As of 2020, there are nine World Heritage Sites in the Netherlands. The Netherlands are well known for their art and rich historical heritage.DataThe following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green. WEB,weblink Report for Selected Countries and Subjects, {| class="wikitable" style="text-align:center;"!Year!GDP(in Bil. US$PPP)!GDP per capita(in US$ PPP)!GDP(in Bil. US$nominal)!GDP per capita(in US$ nominal)!GDP growth(real)!Inflation rate(in Percent)!Unemployment(in Percent)!Government debt(in % of GDP) | ||||||||
Companies
In 2022, the sector with the highest number of companies registered in Netherlands is Services with 761,749 companies followed by Finance, Insurance, and Real Estate and Retail Trade with 693,255 and 101,025 companies respectively.WEB,weblink Industry Breakdown of Companies in Netherlands, HitHorizons, In the Netherlands, 91% of enterprises say they have invested appropriately during the past three years (2023 - 2020). This beats the EU average at 82%.BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, Compared to other enterprises in the EU, Dutch firms prioritise new goods or services (26% vs. 34% for replacement). In keeping with the EU average of 10%, just 7% of enterprises in the Netherlands do not plan to invest.BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, Dutch companies were hurt by the energy crisis in 2022 - 2023, albeit to a lower extent than those elsewhere in the EU. While most companies are concerned about energy prices, just 30% consider it a critical issue. This is half of the EU average (59%).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, WEB, Energy crisis has disruptive effect on Dutch manufacturing,weblink Dutch firms face significant long-term hurdles to investment, including a lack of trained people (71%), and high energy prices (66%). Barriers are diminishing, with numbers lower than the EU average and than 2021. For example, the availability of funding is less of an impediment than across the EU (23% versus 44%).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, In 2023, one in ten Dutch enterprises (13%) brought new goods, processes, or services to the Dutch or global market.BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN, Majority of Dutch firms are also more technologically oriented than EU peers - almost eight out of ten Dutch firms (78%) employed at least one digital technology in 2023. The EU average is 70%. The majority of Dutch firms utilise digital platform technologies (59%), robots (56%), and the Internet of Things (55%), whereas just a small percentage use 3D printing (19%) or augmented/VR technology (15%).BOOK, Bank, European Investment,weblink EIB Investment Survey 2023 - Netherlands overview, 2024-01-31, European Investment Bank, 978-92-861-5684-7, EN,Largest companies
{{See also|List of largest companies of the Netherlands}}The Netherlands is home to several large multinationals. Well-known multinationals are Heineken, Ahold, Philips, TomTom, Randstad and ING, all of which have their headquarters in Amsterdam. Thousands of companies of non-Dutch origin have their headquarters in the Netherlands, like EADS, LyondellBasell and IKEA, because of attractive corporate tax levels.{{Citation needed|reason=Source needed|date=December 2016}}The Netherlands' biggest companies in the Fortune Global 500 as of 2022 are as following:{| class="wikitable sortable"!Rank!Fortune 500rank!Name!Industry!Revenue(USD millions)!Profits(USD millions)!Assets (USD millions)!Employees!HeadquartersMergers and acquisitions
In the Netherlands 22,484 deals were conducted between 1985 and 2018. This sums to an overall value of 2,226.6 billion USD. The year with the most deals has been 2000 with 1,169 deals. However, the most value added up in 2007 with almost 394.9 followed by a drastic slump during the world financial crisis.NEWS,weblink M&A Statistics by Countries - Institute for Mergers, Acquisitions and Alliances (IMAA), Institute for Mergers, Acquisitions and Alliances (IMAA), 26 February 2018, en-US, Here is a list of the most important deals in, into and out of the Netherlands.{| class="wikitable"|Date announced|Acquiror name|Acquiror mid-industry|Acquiror nation|Target name|Target mid-industry|Target nation|Value of transaction ($mil)Caribbean Netherlands
The wider Dutch KingdomSee also
- Bureau for Economic Policy Analysis
- De Nederlandsche Bank (Central Bank of The Netherlands)
- List of companies of the Netherlands
- Ministry of Finance
- Polder Model (Dutch version of consensus policy in economics)
- Social-Economic Council (economic advisory council of the Dutch government)
- Taxation in the Netherlands
- VNO-NCW (Confederation of Netherlands Industry and Employers)
Sources
- CBS – Statistics agency of the Netherlands
- weblink" title="web.archive.org/web/20060815012100weblink">CPB – Netherlands Bureau for Economic Policy Analysis
- weblink" title="web.archive.org/web/20060718070233weblink">DNB – Dutch central bank
- Eurostat – EU statistics agency
- CIA World Factbook
- Infographic about the relationship of energy to the economy in the Netherlands. Dutch government, 2012
External links
- World Bank Summary Trade Statistics Netherlands
- Tariffs applied by the Netherlands as provided by ITC's Market Access Map, an online database of customs tariffs and market requirements
Further reading
- van Riel, Arthur. "Review: Rethinking the Economic History of the Dutch Republic: The Rise and Decline of Economic Modernity Before the Advent of Industrialized Growth," The Journal of Economic History, Vol. 56, No. 1 (Mar. 1996), pp. 223–229 in JSTOR
- de Vries, Johan. "Benelux, 1920–1970," in C. M. Cipolla, ed. The Fontana Economic History of Europe: Contemporary Economics Part One (1976) pp 1–71
- Vlekke, Bernard H. M. Evolution of the Dutch Nation (1945) 382 pp. online edition {{Webarchive|url=https://web.archive.org/web/20110628222900weblink |date=28 June 2011 }}
- Wintle, Michael P. An Economic and Social History of the Netherlands, 1800–1920: Demographic, Economic, and Social Transition (Cambridge University Press, 2000) online edition
- van Zanden, J. L. The Economic History of The Netherlands 1914–1995: A Small Open Economy in the 'Long' Twentieth Century (Routledge, 1997) excerpt and text search
References
{{reflist}}{{Netherlands topics}}{{Organisation for Economic Co-operation and Development}}{{World Trade Organization}}{{Economy of Europe}}{{EU Dependent economies|state=collapsed}}- content above as imported from Wikipedia
- "Economy of the Netherlands" does not exist on GetWiki (yet)
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