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Netherlands

 Flag of Netherlands

Last updated: January 2009

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ECONOMY

Basic Economic Facts

GDP per head: €33,031 (2006)
Annual Growth: 2.25% (2008), - 0.75% (forecast 2009), 1.0% (forecast 2010)
Inflation: 2.5% (2008)
Unemployment: 3.7% (3rd Quarter 2008)
Major Industries: Agro-industries, electrical machinery and equipment, metal and engineering products, chemicals, petroleum, construction, microelectronics, fishing
Major trading partners: EU countries (75%), especially Germany, Belgium, France and the UK

UK Trade & Investment Country Profile: The Netherlands

The Netherlands has a solid and open economy that depends heavily on foreign trade. However, over the recent months it has become clear that the Dutch economy is not immune from the global economic crisis. The latest forecasts suggest that the economy will contract by approximately -0.75 percent in 2009 with recovery only likely to take place during 2010. Despite the current difficulties, the Netherlands enjoys relatively stable industrial relations, low inflation and a current account surplus. It has a significant role as a European transportation hub centred around Rotterdam Port and Amsterdam Schiphol Airport. Industrial activity is mainly in food processing, chemicals, the refining of petroleum, and electrical machinery. The services sector represents 70% of the economy. The agricultural sector is highly mechanised and employs no more than 4% of the labour force but it provides large surpluses for exports and the food processing industry. When it comes to the value of agricultural exports, the Dutch rank third worldwide. The Netherlands was among the first 11 EU countries to adopt the Euro currency on 1 January 1999.

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