Dutch economy passes €1 trillion milestone

The Netherlands’ gross domestic product (GDP) amounted to 1.033 trillion euros in 2023. With that, the Dutch economy passed the 1 trillion euros milestone for the first time, Statistics Netherlands (CBS) reported on Tuesday.

“GDP has grown relatively strongly in recent years,” CBS said. “This is partly due to the recovery after the coronavirus, but also due to the high inflation in recent years.”

In 1995, the Dutch GDP was still 330 billion euros. It passed the 500 billion euros mark in 2002. Since 1995, the value of the Dutch economy only declined in 2009 and 2020, during the credit crisis and the coronavirus crisis.

The structure of the Dutch economy shifted a bit in the past decades. In 2023, 68.5 percent of GDP was made up of consumer spending, down from 71.5 percent in 1995. The share of the balance of imports and exports increased from 6.7 percent to 11.3 percent during that time.

The Netherlands has the 18th largest economy in the world and the fifth largest in Europe, according to the International Monetary Fund’s global ranking. The United States and China are the top two economies in the world. In Europe, Germany leads the list with a GDP of over 4 trillion euros, followed by France, Italy, and Spain.