The Dutch economy has surpassed the milestone of 1 trillion euros for the first time, according to new figures for the country’s 2023 GDP from Statistics Netherlands (CBS). CBS places the root of the growth in post-COVID recovery and high inflation.
Despite being the 68th largest country in the world by population, it ranks in 18th place for the size of its economy according to the IMF and is the fifth largest EU economy. CBS statistics show that the Netherlands’ economy had a value of just 330 billion euros in 1995, with the country surpassing the 550 billion mark in 2002.
The Dutch economy only shrunk a little in the years following the 2008 financial crash, and in 2020 during the COVID-19 pandemic, but in all other years the Dutch economy continued to steadily grow. “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.”
The new statistics show that The Netherlands' economy has doubled in size in the past 20 years, fuelled in particular by high inflation in recent years. The Netherlands’ economy is a force for the EU, coming behind only Germany, France, Italy and Spain despite having a considerably smaller population.
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