At first glance, determining the Netherlands’ wealth appears to be a simple task. However, because wealth is always relative, it is more complicated than you might assume.
Economists like to use Gross Domestic Product (GDP) to compare the wealth of different countries because GDP and population size are both relatively straightforward to measure. GDPs per capita (GDP/capita) are recalculated in the same currency, usually USD, to account for various population sizes.
To compare the GDP/capita of the Netherlands to other nations, I used the most recent IMF database (World Economic Outlook, April 2021) to extract the GDP/capita of developed economies. The Netherlands was among the ten developed countries with the greatest GDP per capita, as seen in the table below (see the third column of the table below).
With a national GDP of USD 708 billion and a GDP/capita of USD 57.334 in 2020, the Netherlands is among the top ten richest developed countries in the world. The Netherlands’ GDP per capita is much higher than that of its European neighbors, although it is lower than that of the United States.
GDP/capita is a broad measure of a country’s wealth, but it reveals nothing about how the country’s money is distributed among its citizens. The country may be wealthy overall, but that won’t help if the majority of the country’s wealth is concentrated in the hands of a few billionaires, leaving the majority of the population in poverty. The Gini index is the most often used measure of inequality among economists. The lesser the inequality, the lower the Gini-index. The Gini-index has a global range of roughly 26 to 63.
The Netherlands’ Gini-index for income is 28,1, which is near the bottom of the global scale, showing that inequality in the Netherlands is low in comparison to other countries. With its progressive tax system, the Netherlands is a relatively equitable society.
Why is the GDP of the Netherlands so high?
The Netherlands enjoyed nearly a century of tremendous economic expansion after declaring independence from Philip II of Spain’s realm in 1581. Due to Protestant traders from Flanders who fled to the Netherlands, a technological breakthrough in shipbuilding and trade knowledge and capital enabled the nascent Republic become the leading trading power by the mid-17th century. In 1670, the Dutch merchant fleet had 568,000 tons of cargoroughly half of the total for Europe. The supremacy of the Amsterdam Entrept in European trade, as well as the Dutch East India Company (or Verenigde Oost-Indische Companie VOC) and West India Companies in transcontinental trade, were the main causes for this. The V.O.C. was unique in that it was the first transnational corporation, and its stock was traded on the Amsterdam Stock Exchange, one of the earliest in the world. Aside from trade, the Dutch economy benefited from an early “industrial revolution” (powered by wind, water, and peat), sea reclamation, and agricultural revolution, which helped the country achieve the highest standard of living in Europe (and presumably the world) by the middle of the 17th century. The Dutch Golden Age was made possible by affluence. Around 1670, a combination of political-military upheavals and unfavourable economic events brought this economic boom to a halt. Due to trade and agriculture, the Netherlands maintained a high level of wealth.
The Netherlands did not industrialize as quickly as some other European countries in the 1800s. One argument is that the Netherlands was still coming to terms with the fact that they had lost its world economic and political dominance (based primarily on commerce and agriculture). According to Griffiths, government measures enabled a cohesive Dutch national economy in the nineteenth century. Internal tariffs and guilds were abolished, and a unified coinage system, modern tax collecting systems, standardized weights and measurements, and the construction of numerous roads, canals, and railroads were among them.
In the nineteenth century, the rest of Europe witnessed the Netherlands’ steady transformation into a modern middle-class industrial society. While the government made a valiant effort to resurrect its interest in the highly competitive industrial and trade business, the number of persons employed in agriculture fell. The Netherlands trailed behind Belgium in terms of industrialization until the late nineteenth century, when it finally caught up around 1920. Textiles and (later) the Philips industrial group were major industries. Rotterdam grew become a significant shipping and manufacturing hub. Poverty gradually decreased, and begging largely eliminated, as the population’s working conditions improved.
The Netherlands has identified major natural gas deposits since 1959. Natural gas exports resulted in substantial windfall earnings. However, as an unintended consequence, the industrial sector in the Netherlands is thought to have suffered a collapse.
How did the Netherlands become so prosperous?
The Northern Dutch provinces rose from relative obscurity as the poor cousins of the industrious and extensively urbanized Southern Netherlands provinces of Flanders and Brabant to the pinnacle of European commercial prosperity in barely over a century. The Dutch were successful in the fishing business and the Baltic and North Sea carrying trade during the fifteenth and sixteenth centuries, thanks to a favorable agricultural basis, before developing a far-flung maritime empire in the seventeenth century.
The Economy of the Netherlands up to the Sixteenth Century
In many ways, the Dutch Republic of the seventeenth century inherited the Burgundian and Habsburg Netherlands’ economic triumphs. Flanders, and to a lesser extent Brabant, had dominated the medieval European economy for ages. In the early medieval period, an indigenous textile industry existed throughout Europe, but Flanders was the first to develop it in a significant way. From antiquity, when the Celts and then the Franks continued an active textile industry learned from the Romans, the Low Countries had a legacy of cloth making.
Early textile manufacture moved from rural origins to cities as demand rose, and by the twelfth century, it had become mostly a city-based enterprise. Because native wool could not keep up with demand, the Flemings imported large amounts of English wool. From Novgorod to the Mediterranean, the high-quality product that resulted was in high demand. Brabant, like Flanders, rose to prominence in the textile sector after about a century. By the thirteenth century, the number of people working in the textile industry in the Southern Netherlands had surpassed the total number of people working in all other crafts. It’s probable that the Flemish towns’ focus on textile production was the reason they overlooked the burgeoning maritime shipping business, which was subsequently controlled by others, first the German Hanseatic League, then Holland and Zeeland.
Antwerp, in Brabant, had become the commercial hub of the Low Countries by the end of the fifteenth century, as foreign merchants flocked to the city in large numbers in search of the high-value goods on offer at the city’s fairs. However, most European markets had lost interest in traditional Flanders cloths, especially when the English began exporting high-quality cloths rather than the raw materials that the Flemish textile industry relied on. Many textile manufacturers shifted to lighter-weight, lower-cost “new draperies.” Despite mid-fifteenth-century protectionist efforts, English fabric found a market in Antwerp’s booming markets. The Portuguese began using Antwerp as an outlet for their Asian pepper and spice imports in the early sixteenth century, while the Germans continued to send their metal products (copper and silver) there. Antwerp was the commercial hub of northern Europe for nearly a century, until religious and political events in the 1560s and 1570s intervened, and the Dutch Revolt against Spanish control collapsed Antwerp’s and the southern provinces’ commercial dominance. Thousands of merchants and largely Calvinist craftsmen fled the south for the relative safety of the Northern Netherlands within a few years after the Fall of Antwerp (1585).
The departure from the south undoubtedly added to the north’s already burgeoning population. The northern provinces of Holland and Zeeland, like Flanders and Brabant, were already populated and heavily urbanized. The population of these marine provinces grew steadily throughout the sixteenth century, possibly tripling between the early years of the century and around 1650. During the same time period, the interior provinces grew at a significantly slower pace. The interior provinces did not begin to equal the growth of the coastal center of the country until the eighteenth century, when the Netherlands as a whole was experiencing diminishing fortunes.
Dutch Agriculture
In comparison to the urbanized southern provinces, the Northern Netherlands provinces were primarily rural during the fifteenth and most of the sixteenth centuries. In the fifteenth and sixteenth centuries, the Dutch economy was based on agriculture and fishing. The emphasis on intensive animal husbandry was one of the features of Dutch agriculture during this time. Dutch cattle were treated with remarkable care, and dairy products made up a large part of the agricultural sector. As the Dutch urban population grew rapidly in the seventeenth century, many farmers switched to market gardening to offer vegetables to the cities.
The slaughter cattle trade from Denmark and Northern Germany provided some of the push for animal production. Holland was an ideal location for cattle fattening and feeding before slaughter and transport to the Southern provinces’ cities. Between around 1500 and 1660, the international slaughter cattle trade increased, but between 1660 and 1750, the international cattle trade contracted due to protectionist policies taken by Dutch officials who intended to stimulate the fattening of home-bred cattle.
Despite the fact that agriculture accounted for the majority of the Dutch economy, cereal output in the Netherlands could not keep up with demand, particularly by the seventeenth century, as population growth was aided by migration from the southern provinces. The Low Countries provinces had previously relied on grain imports from the south (France and the Walloon provinces), but when crop failures disrupted the supply of grain from the south, the Dutch began to buy grain from the Baltic. Baltic grain imports grew steadily from the middle of the sixteenth century to around 1650, when the grain trade entered a period of depression and stagnation that lasted into the eighteenth century.
Indeed, the Baltic grain trade (see below), which provided a significant source of employment for the Dutch, not only in marine shipping but also in handling and storage, was dubbed the “Mother trade,” she says. Mijla van Tielhof defined the Baltic grain trade in her new book “In terms of ships, seamen, and commodities for the Northern provinces, the “mother trade” is the oldest and most significant. The Baltic grain trade spawned shipping and trade on other routes, as well as manufacturing enterprises, over time.
Dutch Fishing
The Dutch fishing industry, like agriculture, was an important part of the northern Netherlands’ economic backbone. It, like the Baltic grain trade, aided the growth of the Dutch shipping sector.
The North Sea herring fishery, which was extremely advanced and included a type of “factory” ship called the herring bus, was the backbone of the fishing industry. The herring bus was invented in the fifteenth century to allow for the processing of herring catches with salt at sea. This allowed the herring ship to stay at sea longer, extending the herring fishery’s range. Herring was a major export for the Netherlands, primarily to inland locations, but also to the Baltic, where it was used to counter Baltic grain imports.
In the first part of the seventeenth century, the herring fishery was at its peak. In the first decades of the seventeenth century, estimates placed the herring fleet at around 500 buses and the catch at around 20,000 to 25,000 lasts (approximately 33,000 metric tons) every year. In the second half of the seventeenth century, both the herring catch and the number of buses began to drop, eventually collapsing by the mid-eighteenth century, when the catch was only approximately 6000 lasts. This drop was most likely caused by competition from the Baltic fishing sector’s resurgence, which succeeded in driving prices down, as well as competition from the Scottish fishing business in the North Sea.
The Dutch Textile Industry
Until the Dutch Revolt in 1568, the base of textile industry had been Flanders and Brabant. Years of fighting wreaked havoc on the already battered Flemish textile sector. Even the Northern Dutch cloth-producing cities, which had been concentrating on creating the “Due to wartime delays, the output of “new draperies” decreased. Textiles, however, continued to be the most important industry in the Dutch economy.
Despite the blow it took during the Dutch uprising, Leiden’s textile industry returned in the early seventeenth century, thanks to an inflow of textile workers from the Southern Netherlands who fled religious persecution. By the 1630s, however, Leiden had abandoned heavy traditional wool cloths in favor of a lighter traditional woolen (laken) as well as a variety of other textiles such says, fustians, and camlets. In the early years of the seventeenth century, total textile production climbed from 50,000 to 60,000 pieces per year to as much as 130,000 pieces per year in the 1660s. By 1670, Leiden’s wool cloth industry had probably reached its height. The city’s textile sector thrived because it was able to find export markets in the Mediterranean for its low-cost clothes, much to the prejudice of Italian fabric producers.
At the end of the seventeenth century, Leiden may have been Europe’s largest industrial metropolis, second only to Lyons. The production was carried out with the help of the “Weavers with their own looms and often with additional dependent weavers working for them used the “putting out” method to receive imported raw materials from merchants who paid the weavers by the piece for their labour (the merchant retained ownership of the raw materials throughout the process). The Dutch textile industry was endangered by foreign competition by the end of the seventeenth century. Throughout the eighteenth century, production of several of the new draperies (says, for example) slowed significantly, and profits suffered as prices fell in all except the most expensive textiles. Traditional woolens were left to drive little remained of Leiden’s textile industry in the eighteenth century.
Although Leiden was the leading producer of wool cloth in the Netherlands, it was not the only textile-producing city in the United Provinces. Textile industries thrived in cities such as Amsterdam, Utrecht, Delft, and Haarlem, among others. During the first part of the seventeenth century, Haarlem, for example, had a thriving linen industry. The linen business in Haarlem profited from expert linen weavers who relocated from the Southern Netherlands during the Dutch Revolt, just like the cloth industry in Leiden. Haarlem’s dominance in linen manufacture, on the other hand, was based on its expertise in linen bleaching and finishing. Not only was locally made linen completed in Haarlem, but linen merchants from all across Europe sent their wares to be bleached and finished there as well. In the second part of the seventeenth century, as producers sought to reduce costs, linen production shifted to more rural locations, Haarlem’s industry began to decline.
Other Dutch Industries
The sugar refining industry in Amsterdam, for example, grew as a result of overseas colonial trade. Antwerp had been Europe’s most important sugar refining city during the sixteenth century, a position it gained from Venice when the Atlantic sugar islands began to surpass Mediterranean sugar production. However, when Antwerp fell to Spanish forces during the Revolt, Amsterdam took its place as Europe’s leading sugar refiner. Because to Portuguese investment, the number of sugar refineries in Amsterdam expanded from from 3 in 1605 to about 50 in 1662. Dutch merchants bought a lot of sugar from both the French and English islands in the West Indies, as well as a lot of tobacco. In the seventeenth century, tobacco processing became a major Amsterdam business, employing vast numbers of people and led to initiatives to establish domestic tobacco growing.
With the exception of a few “colonial” sectors (such as sugar), Dutch industry endured a period of stagnation after the 1660s, followed by a fall around the turn of the eighteenth century. In terms of industrial production, the Dutch Golden Age appears to have lasted from the 1580s to around 1670. Following this period, there was nearly a century of falling industrial production. De Vries and van der Woude concluded that Dutch industry grew rapidly after the 1580s as a result of the migration of skilled labor and merchant capital from the southern Netherlands around the time Antwerp fell to the Spanish, as well as the relative advantage the Northern Provinces gained from continued warfare in the south. As many Dutch industries moved from the towns to the countryside after the 1660s, most saw a steady or steep decline, while some (notably the colonial industries) remained successful far into the eighteenth century.
Dutch Shipping and Overseas Commerce
During the fifteenth century, Dutch shipping became a substantial industry. The towns of Zeeland and Holland began to fulfill the shipping needs of the commercial towns of Flanders and Brabant, owing to the failure of merchants from the Southern Netherlands to participate in seaborne commerce (particularly Antwerp ). The Dutch began to compete with the German Hanseatic League for Baltic markets by exporting their herring catches, salt, wine, and fabric in return for Baltic grain.
The Grain Trade
For the rapidly expanding markets in western and southern Europe, Baltic grain was critical. The expansion in urban populations in the Low Countries by the beginning of the sixteenth century fueled the demand for imported grain. Grain and other Baltic items like tar, hemp, flax, and timber were headed not just for the Low Countries, but also for England, Spain, and Portugal via Amsterdam, the port that had surpassed Lbeck and other Hanseatic cities as the principal transshipment hub for Baltic goods. A multitude of industries sprang up as a result of the grain trade. The Dutch manufactured floor tiles, roof tiles, and bricks for export to the Baltic, and grain ships carried them as ballast on return voyages to the Baltic, in addition to the shipbuilding industry, which was an apparent offshoot of overseas trading links.
The importance of the Baltic markets to Amsterdam and Dutch commerce in general might be illustrated by noting that the Dutch risked financial ruin when the Danish blocked the Sound to Dutch ships in 1542. However, by the mid-sixteenth century, the Dutch had established such a strong presence in the Baltic that they were able to get passage rights from Denmark (Peace of Speyer, 1544), allowing them to travel freely via Danish seas to the Baltic. The Baltic grain trade remained strong until the later years of the seventeenth century, despite the upheaval generated by the Dutch and the commercial crisis that devastated Antwerp in the last quarter of the sixteenth century. Given the importance Baltic markets continued to hold for Dutch industry throughout the Golden Age, it’s not surprise that the Dutch referred to the Baltic trade as their “mother trade.” Unfortunately for Dutch trade, Europe’s population began to drop around the end of the seventeenth century and remained stagnant for several decades. Increased grain production in Western Europe, as well as the availability of non-Baltic substitutes (such as American and Italian rice), further reduced demand for Baltic grain, resulting in a decline in the grain market in Amsterdam.
Expansion into African, American and Asian Markets “World Primacy
Dutch traders expanded their area of influence east into Russia and south into the Mediterranean and Levantine markets, building on the early triumphs of their Baltic trade. Dutch traders had their sights set on the American and Asian markets, which were dominated by Iberian merchants, by the turn of the seventeenth century. The ability of Dutch shippers to compete effectively with entrenched merchants, such as the Hanseatic League in the Baltic or the Portuguese in Asia, stemmed from their cost-cutting strategies (what de Vries and van der Woude refer to as “de Vries and van der Woude’s cost-cutting strategies”) “efficiencies and cost advantages,” p. 374). Without the costs and constraints that most commercial groups faced in the sixteenth century, the Dutch were able to reduce their costs to the point that they could undercut the competition and finally establish what Jonathan Israel has dubbed the “Dutch Miracle.” “Preeminence in the world.”
Before attempting to break into Asian markets, Dutch merchants needed to first expand their position in the Atlantic. This was primarily left to the Antwerp migr merchants who had relocated to Zeeland after the Revolt. The so-called Guinea trade with West Africa was established by these traders, and Dutch participation in the Western Hemisphere began. The slave trade, which was firmly in the hands of the Portuguese, was neglected by Dutch merchants active in the Guinea trade in favor of the lucrative gold, ivory, and sugar trade from So Tom. West African trade increased slowly, but competition was fierce. The major Guinea firms had agreed to form a cartel to govern trade by 1599. However, continued rivalry from a rush of new enterprises ensured that the cartel would only be partially successful until 1621, when the Dutch West India Company, which also held monopoly rights in the West Africa trade, was formed.
Initially, the Dutch concentrated their trading with the Americas in the Caribbean. Only a few Dutch ships made the journey across the Atlantic each year by the mid-1590s. When the Spanish imposed an embargo on the Dutch in 1598, shortages of traditional Iberian products (such as salt) became prevalent. Dutch shippers took advantage of the opportunity to find new supplies for things previously provided by the Spanish, and fleets of Dutch ships traveled to the Americas soon after. Despite the vast number of ships they dispatched to the area, the Spanish and Portuguese had a considerably stronger presence in the Americas than the Dutch. The Dutch plan was to stay away from Iberian strongholds while infiltrating areas where they could find the things they wanted. This strategy centered on Venezuela, Guyana, and Brazil for the most part. The Dutch had built forts on the shores of Guyana and Brazil by the turn of the seventeenth century.
While rival firms from Zeeland towns dominated Dutch trade with the Americas in the early years of the seventeenth century, by the time the West India Company acquired its charter in 1621, disputes with Spain threatened to interrupt trade once more. The money for the new joint-stock firm came slowly, and it came largely from inland places like Leiden, rather than seaside ones. From the beginning, the West India Company had difficulties in the Americas. In 1624, the Portuguese began driving the Dutch out of Brazil, and by 1625, the Dutch had lost their hold over the Caribbean. Raids (directed at the Spanish and Portuguese) became the most profitable activity for Dutch shippers in the Americas until the Company was able to re-establish forts in Brazil and resume sugar plantations in the 1630s. Sugar remained the most profitable enterprise for the Dutch in Brazil, and after the insurrection of Portuguese Catholic planters against Dutch plantation owners in the late 1640s, the Dutch fortunes progressively decreased.
In Asia, the Dutch also faced fierce competition from the Portuguese. Breaking into the rich Asian markets, however, was more complicated than simply undercutting less efficient Portuguese ships. The Portuguese guarded the route around Africa with vigilance. The Dutch were not in a position to organize their own mission until around a century after the first Portuguese voyage to Asia. The Dutch got the information they needed to make the expedition thanks to Jan Huyghen van Linschoten’s travelogue, which was published in 1596. Linschoten had been in the Bishop of Goa’s service, and he kept meticulous notes of the voyage and his observations throughout Asia.
The United East India Company (VOC)
The first several Dutch expeditions to Asia were not very successful. These early ventures only produced enough money to cover the expenditures of the journey, but by 1600, hundreds of Dutch commerce ships had completed the journey. Because of the tremendous competition among numerous Dutch merchants, prices became unstable, prompting the government to demand consolidation in order to avoid commercial catastrophe. Throughout 1602 the States General granted the United East India Company (commonly known to by its Dutch initials, VOC) a charter granting them monopoly trading rights in Asia. The initial capitalization of this joint stock corporation was over 6.5 million florins, with approximately 1,800 stockholders, the majority of them were merchants. The company’s management was delegated to 17 directors (Heren XVII) chosen from among the company’s major owners.
In practice, the VOC became a “country” unto itself outside of Europe, especially after Jan Pieterszoon Coen, the company’s governor-general in Asia, constructed Batavia (the company factory) on Java around 1620. While Coen and other governors-general worked to increase the VOC’s geographical and political reach in Asia, the Heren XVII were more interested with earnings, which they continued to pour in the enterprise, much to the disgust of investors. The VOC’s goal in Asia was to enter the intra-Asian commerce (much like the Portuguese did in the sixteenth century) in order to accumulate enough capital to pay for the spices sent back to the Netherlands. This often meant fighting in Asia to evict the Portuguese while attempting to maintain calm relations within Europe.
Despite the company’s initial reluctance to issue cash dividends, the VOC was an extremely prosperous enterprise in the seventeenth century (the company paid dividends in kind until about 1644). The Dutch supremacy in foreign trade came under threat when the English and French began to use mercantilist techniques (for example, the Navigation Acts of 1551 and 1660 in England, and import restrictions and high taxes in France). Unlike domestic industry, which began to collapse around the end of the seventeenth century, the Dutch Asia trade continued to transport commodities in stable quantities long into the eighteenth century. As the Asia trade increased, however, rival India enterprises posed a serious threat to the Dutch dominance. The VOC’s share of the Asia trade fell substantially as the eighteenth century progressed, compared to its competitors, the most important of which was the English East India Company.
Dutch Finance
The final area to mention is finance, which was possibly the most significant for the early modern Dutch economy’s development. The exchange bank, which was created in Amsterdam in 1609, only two years after the city council approved the construction of a bourse, was the most conspicuous embodiment of Dutch capitalism (additional exchange banks were founded in other Dutch commercial cities). The bank’s activities were restricted to exchange and deposit banking. A lending bank, formed in Amsterdam in 1614, completed the financial services in the Netherlands’ commercial capital.
One of the features of the economy throughout the Golden Age was the capacity to handle the money generated by trade and industry (accumulated capital) in novel ways. Italian merchants began experimenting with techniques to reduce the need of currency in long-distance trade as early as the fourteenth century. The bill of exchange, which was created as a mechanism for a seller to offer credit to a buyer, was the outcome. The debtor was required to settle the loan at a specific location and time under the terms of the bill of exchange. The creditor, on the other hand, rarely kept the bill of exchange until it matured, preferring to sell it or utilize it in some other way to pay off debts. These bills of exchange were not widely utilized in the Low Countries until the sixteenth century, when Antwerp remained the region’s most important commercial center. The bill of exchange could be assigned to another in Antwerp, and it eventually became a negotiable document through the practice of discounting.
With the vast number of Antwerp merchants who took their economic practices with them, the idea of bill of exchange flexibility spread to the Northern Netherlands. The Amsterdam government limited the payment of bills of exchange to the new exchange bank in an effort to regulate the activities surrounding them. Merchants flocked to the bank, with deposits rising from little under one million guilders in 1611 to over sixteen million by 1700. Because of its ability to manage deposits and transfers, as well as settle international obligations, Amsterdam’s exchange bank thrived.
By the second part of the seventeenth century, many affluent merchant families had abandoned overseas trade in favor of considerably larger-scale speculative enterprises. To name a few of the most notable operations, they traded commodity values (futures), shares in joint-stock companies, and insurance and currency exchanges.
Conclusion
As the Revolt tore the Low Countries apart, the Northern Netherlands inherited the economic legacy of the southern provinces, building on its triumphs in agricultural production and North Sea and Baltic trading in the fifteenth and sixteenth centuries. The Dutch Golden Age lasted from around 1580, when the Dutch were victorious in their war against the Spanish, to around 1670, when the Republic’s economy suffered a setback. Economic growth was rapid until around 1620, when it began to decrease, although it remained steady until the end of the Golden Age. The final decades of the seventeenth century saw a drop in output and a loss of market dominance abroad.
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Is the Dutch economy doing well?
The Netherlands has the eighth-freest economy in the 2022 Index, with a score of 79.5. The Netherlands is placed 5th in the Europe area out of 45 countries, and its overall score is higher than the regional and global norms.
Is Norway a wealthier country than the Netherlands?
increase your earnings by 33.8 percent In 2017, the Netherlands had a GDP per capita of $53,900, whereas Norway had a GDP per capita of $72,100.
In Europe 2021, which country has the strongest economy?
The greatest economy in Europe is Germany, which is followed by the United Kingdom, France, Italy, and Russia. These five countries account for half of the European economy. The top 10 European economies account for over 80% of the total. San Marino has Europe’s tiniest economy.
Seven European economies would have a GDP of more than $1 trillion, and 23 would have a GDP of more than $100 billion. Ireland will surpass Austria in 2021. Four European economies are among the top 10 largest economies in the world, while nineteen European economies are in the top 50 global economies.
In comparison to 2020, all 41 European economies would enjoy a gain in 2021. The United Kingdom will be the largest contributor, at $399 billion, followed by Germany ($387 billion) and France ($316 billion).
Germany, Russia, France, the United Kingdom, and Italy are the five largest economies in Europe, according to ppp data. In 2021, eight economies will have a GDP of more than $1 trillion dollars, while 28 will have a GDP of more than $100 billion dollars. Ireland will proceed to Austria first. Four European economies are among the top ten, while sixteen are among the top 50 global economies.
In comparison to 2020, none of the European economies would witness a drop in 2021. The largest gainers would be Russia ($347 billion), the United Kingdom ($314 billion), Germany ($307 billion), France ($305 billion), and Italy ($236 billion).
What is the most important export of the Netherlands?
Overview According to the Economic Complexity Index, the Netherlands was the world’s number 17 economy in terms of GDP (current US$), number 6 in total exports, number 8 in total imports, number 12 in GDP per capita (current US$), and the number 22 most complicated economy in 2020. (ECI).
Exports Refined petroleum ($29.7 billion), broadcasting equipment ($19.3 billion), packaged medicines ($18.8 billion), computers ($13.7 billion), and photo lab equipment ($11.7 billion) are the top exports of the Netherlands, which go to Germany ($105 billion), Belgium ($56.1 billion), France ($43.7 billion), the United Kingdom ($40.3 billion), and the United States ($23.9 billion).
Other Live Plants ($4.4 billion), Cut Flowers ($4.01 billion), Malt Extract ($3.4 billion), Recreational Boats ($2.81 billion), and Coal Tar Oil ($2.52 billion) were all exported by the Netherlands in 2020.
Imports Crude Petroleum ($32.1 billion), Refined Petroleum ($23.8 billion), Broadcasting Equipment ($21.9 billion), Computers ($14.7 billion), and Packaged Medicaments ($13.5 billion) are the top imports of the Netherlands, which mainly come from Germany ($84.8 billion), China ($64.9 billion), the United States ($42.7 billion), Belgium ($37.1 billion), and the United Kingdom ($25.1 billion).
In 2020, the Netherlands was the largest importer of Industrial Fatty Acids, Oils, and Alcohols ($5.73 billion), Cocoa Beans ($1.78 billion), Vehicle Bodies ($1.55 billion), Alcohol > 80% ABV ($1.25 billion), and Inedible Fats and Oils ($1.14 billion).
Location By land, the Netherlands is bordered by Belgium and Germany, while by sea, it is bordered by Saint Kitts and Nevis, the United Kingdom, Venezuela, and Anguilla.
What is Europe’s richest country?
Luxembourg is the wealthiest country in the European Union per capita, with a high quality of living for its residents. Luxembourg is a prominent hub for substantial private banking, with the finance sector accounting for the majority of the country’s GDP. Germany, France, and Belgium are the country’s biggest trading partners.
How prosperous are the Dutch?
The Netherlands finished fourth, sandwiched between Denmark and Sweden, and missed out on a berth in the top three. According to study conducted by Allianz, Dutch households have an average wealth (gross) of 180.193 euros, which is much higher than the global average of 35.970 euros. Dutch households have an average net worth of little about 129.000 euros.
The Dutch people became significantly wealthier in 2020, with each person’s average gross financial assets growing by more than 15.000 euros. Why? Of sure, the Dutch have a strong desire to save! This was aided by countrywide lockdowns and travel restrictions, which reduced the number of reasons for individuals to spend their hard-earned money.
However, the report does not reflect all of the good news, as it also highlights the growing wealth inequality in the Netherlands and around the world. According to studies, an increasing number of families in the Netherlands are dealing with mounting debts that they are unable to repay.