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Economic and political overview

Economic Overview

come tax cuts in the lower brackets and higher defence and public investment spending, before narrowing again to 1.9% in 2027 (EU Commission). Public debt amounted to 44.4% of GDP in 2025, and higher deficits are expected to raise the debt ratio to 46.9% in 2026 and 47.0% in 2027, remaining below the euro area average. The Netherlands' strong external position is driven by recurrent high current account surpluses and its role as a global trading hub. From 2020 to 2024, surpluses averaged 8.4% of GDP, reflecting high domestic savings. A multinational-dominated corporate sector with significant foreign assets supports a net international investment position of 54.1% of GDP in 2023 (Fitch Ratings). Statistics Netherlands (CBS) reported that consumer prices in the Netherlands rose by 3.3% in 2025, marginally below the 3.4% recorded in 2024, with housing and services prices as the main drivers of inflation. For this year, the European Commission forecasts HICP inflation at 3.2%, followed by 2.5% in 2027.

The Netherlands presents a very high income per capita, which is distributed in a relatively equal manner. The GDP per capita is above the EU average and was estimated at USD 87,320 in 2025 (PPP – data World Bank). The labour market remains strong, with low unemployment and more vacancies than job seekers. However, employment growth has slowed. As labour force growth outpaces weak job creation, unemployment is expected to rise slightly from 3.9% in 2025 to 4.2% in 2026 and 4.4% in 2027 (EU Commission).

 
Main Indicators 20252026 (E)2027 (E)2028 (E)2029 (E)
GDP (billions USD) 1,332.241,449.701,500.421,551.351,603.43
GDP (Constant Prices, Annual % Change) 1.91.21.41.41.3
GDP per Capita (USD) 73,83379,91882,32884,75087,243
General Government Balance (in % of GDP) -1.8-2.7-2.1-2.1-2.4
General Government Gross Debt (in % of GDP) 43.344.144.544.945.9
Inflation Rate (%) 3.02.72.42.32.0
Unemployment Rate (% of the Labour Force) 3.94.14.24.34.4
Current Account (billions USD) 116.85127.50130.73134.99139.31
Current Account (in % of GDP) 8.88.88.78.78.7

Source: IMF – World Economic Outlook Database , Latest data available

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

The agricultural sector represents 1.7% of the country's GDP and employs 2% of the active population (World Bank, latest data available). This sector produces high yields, which is due in part to the intensive farming of arable land. Nearly 60% of the production is exported, either directly or through the food industry, making the Netherlands one of the largest exporters of agricultural products in the world: in 2025, agricultural goods exports were worth EUR 137.5 billion, representing an 8.4% increase compared to 2024. The main crops exported are cereals, potatoes and horticultural products. The Netherlands is also the largest flower exporter in the world. The number of companies active in the sector stands at 52,107 (Agricultural Census). According to the latest data by CBS, the Dutch agriculture sector's income rose by 5.1% in 2024 despite a 1.2% decline in production volume. Animal and crop production dropped by 0.7% and 1.4%, respectively. Higher output prices (+0.2%) and lower costs offset the decline, with total production value down 1% to EUR 41 billion.

Industrial activity generates around 18.7% of the Dutch GDP and employs 14% of the workforce. Among the main activities, there are the chemicals and petroleum sectors remain robust, with major players like Royal Dutch Shell fueling significant export revenues (the Netherlands is also one of the largest producers and distributors of oil and natural gas). Moreover, in high-tech industries, particularly semiconductor and microelectronics manufacturing led by ASML, Dutch companies are global market leaders. Food processing and engineering sectors also play key roles in sustaining the country’s industrial performance. The World Bank estimates that the manufacturing sector alone accounts for 11% of the country's GDP. Data by CBS show that, in July 2026, the calendar-adjusted output of the Dutch manufacturing sector rose by 9.0%, its largest year-on-year increase in four years.

Services account for over 69.6% of national revenue and employ 84% of the workforce. The services sector is focused mainly on transportation, distribution, logistics, banking and insurance, water engineering and new technologies. The country is also Europe's leading service provider in ocean freight, which is not surprising as its economy largely depends upon exports. The Dutch banking sector is pivotal to the country's economy, with assets totalling EUR 2,700 billion—nearly three times the size of its GDP. The sector is highly concentrated, with the six largest banks holding around 85% of total assets (European Banking Federation). Tourism's contribution to the Dutch economy rose to 4.0% in 2024, up from 3.9% in 2023. Value added grew across tourism-related sectors, with the industry's economic contribution reaching EUR 40.1 billion, a 9.5% increase from 2023 in current prices and above pre-pandemic 2019 levels (CBS). Concerning the retail sector, the total turnover rose by 2.1% in 2024, the lowest growth in a decade, with sales volume up 1.4%. Non-food shops grew by 3.9%, while food shops saw a 1.0% decline. Online turnover increased by 5.8%.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 1.70 13.76 84.54
Value Added (in % of GDP) 1.68 17.68 70.41
Value Added (Annual % Change) 1.50 2.55 1.67

Source: World Bank - Latest available data.

 
Monetary Indicators 20212022202320242025
Euro (EUR) - Average Annual Exchange Rate For 1 USD 0.850.950.920.920.88

Source: World Bank - Latest available data.

 

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Foreign Trade

Dutch prosperity has always been based on its international trade, and the geographic location of the country makes it a European trade hub, with Rotterdam being the largest port in Europe. With high-tech industries and services, foreign trade is one of the main pillars of the Dutch economy, representing an impressive 150% of GDP in 2025 (World Bank), one of the most open and outward-oriented economies in the world. According to Comtrade data, in 2025, the main exports were refined petroleum products (7.4%), semiconductor manufacturing equipment (4.0%), telephone sets (3.0%), medicaments (2.5%), medical instruments (2.3%), and computers (2.2%). The country is also a major exporter of flowers and plants, with the horticulture sector being a significant contributor to the Dutch economy. Most of the sales are re-exportations as the country plays the role of a European trade hub; therefore, similar product categories lead imports: crude oil (5.8%), telephone sets (4.2%), refined petroleum products (4.1%), computers (3.4%), and motor cars (2.7%).

Germany was the main destination in 2025, accounting for 22.2% of total exports, followed by Belgium (11.5%), France (7.6%), the UK (6.3%), and the U.S. (4.9%). Imports came chiefly from Germany (16.9%), the U.S. (9.8%), Belgium (9.6%), China (8.3%), and the UK (4.3% - data Comtrade). On 1 September 2023, new export control measures were introduced for advanced semiconductor manufacturing equipment, requiring national authorization for certain exports. These controls were expanded on 7 September 2024 to cover additional types of equipment.

The country has a structurally positive trade balance for goods and services, which stood at around 11.2% of GDP for 2025, according to the World Bank (from 11% one year earlier). In 2025, exports of goods totalled USD 989.2 billion against USD 870.4 billion in imports (+7.5% and +6.6% y-o-y, respectively). Concerning commercial services, in 2024 exports stood at USD 308.0 billion (up by 6.9% y-o-y) and imports at USD 261.8 billion (+5.5% - data by WTO). According to the latest figures from the National Statistical Office, export volumes of goods and services grew by 2.6% year-on-year in 2025, while imports rose by 2.5%.

 
Foreign Trade Values 20212022202320242025
Imports of Goods (million USD) 757,380896,716843,567816,621870,442
Exports of Goods (million USD) 840,032963,492935,047920,540989,237
Imports of Services (million USD) 249,460276,201292,885310,878341,075
Exports of Services (million USD) 262,296295,602322,573350,092383,503

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20212022202320242025
Foreign Trade (in % of GDP) 163.2184.1165.0154.0150.1
Trade Balance (million USD) 76,86658,09572,89487,600n/a
Trade Balance (Including Service) (million USD) 102,68391,947112,849133,827n/a
Imports of Goods and Services (Annual % Change) 6.54.4-3.90.12.4
Exports of Goods and Services (Annual % Change) 6.94.4-3.0-0.22.4
Imports of Goods and Services (in % of GDP) 76.787.777.571.569.5
Exports of Goods and Services (in % of GDP) 86.596.487.582.580.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2026 (e)2027 (e)2028 (e)2029 (e)2030 (e)
Volume of exports of goods and services (Annual % change) 2.32.82.62.62.6
Volume of imports of goods and services (Annual % change) 2.43.12.92.92.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
The Netherlands is a member of the following international economic organisations: IMF, European Union, ICC, WTO, G-10, OECD, among others. For the full list of economic and other international organisations in which participates the Netherlands click here. International organisation membership of the Netherlands is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by the Netherlands can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)		 2025
Germany 22.2%
Belgium 11.5%
France 7.6%
United Kingdom 6.3%
United States 4.9%
See More Countries 47.5%
Main Suppliers
(% of Imports)		 2025
Germany 16.9%
United States 9.8%
Belgium 9.6%
China 8.3%
United Kingdom 4.3%
See More Countries 51.1%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
King: WILLEM-ALEXANDER (since 30 April 2013) - hereditary
Prime Minister: Rob Jetten (since 23 February 2026)
Next Election Dates
House of Representatives: May 2030
Senate: May 2027
Main Political Parties
The Netherlands has a two-tier parliament divided into two chambers. The main parties/alliances represented in the parliament include:

- Party for Freedom (PVV): right-wing, nationalist, known for hard stands on immigration. The party, led by Geert Wilders, won 26 of the 150 seats at the election of 29 October 2025 and now has 19, after seven of its members left to form the separate Groep Markuszower
- GroenLinks–PvdA: alliance between the Greenleft (GL - centre-left, eco-socialist and anti-capitalist political party) and the Labour Party (PvdA - centre-left, social-democratic party). The alliance won 20 seats in 2025 and its members now sit as the Progressief Nederland (PRO) group
- People’s Party for Freedom and Democracy (VVD): centre-right, based on free market ideas, liberal, 22 seats; a party of the governing coalition
- Democrats 66 (D66): centre, progressive-liberal and radical-democratic political party. With 26 seats it is the largest group and leads the governing coalition
- Farmer–Citizen Movement (BBB): centre-right, agrarian, soft Euroscepticism, 3 seats
- Christian Democratic Appeal (CDA): centre, Christian democrats, 18 seats; a party of the governing coalition
- Socialist Party (SP): left-wing, extremely socialist
- DENK: centre-left, minority rights, identity politics
- Party For The Animals (PvdD): environmentalism, animal rights, soft-euroscepticsm
- Forum For Democracy (FvD): national conservatism
- Reformed Political Party (SGP): Christian right, social conservatism
- ChristianUnion (CU): centre, orthodox reformed political party with centre-left ideals
- Volt Netherlands (VOLT): centre, it is the Dutch branch of the political movement Volt Europa
- JA21: right to far right, conservative liberalism, 9 seats
- 50PLUS: pensioners' interests, 2 seats
- Groep Markuszower: group of seven deputies who left the PVV.
Executive Power
The Chief of State is the King, whose role is cerimonial. Following parliamentary (lower house) elections, the leader of the majority party or of a majority coalition is usually appointed Prime Minister (head of the Government) by the Monarch to serve a four year term. The Council of Ministers is formally appointed by the monarch on recommendation of the Prime Minister.
Legislative Power
Legislative power is bicameral. The parliament is called States General and consists of two chambers: the First Chamber (Senate - upper house, 75 members indirectly elected) and the Second Chamber (House of Representatives - lower house, 150 members directly elected). Members of both chambers serve a four-year term. The Government has the constitutional right to dissolve one or both chambers of parliament.
 

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