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- Economy_of_the_Netherlands abstract "According to the World Bank and the International Monetary Fund, the Netherlands was the 18th largest economy of the world in 2012, while the country has only about 17 million inhabitants. (see: List of countries by GDP (nominal)). GDP per capita is roughly $43,404 which makes it one of richest nations in the world (see: List of countries by GDP (PPP) per capita). Between 1996 and 2000 annual economic growth (GDP) averaged over 4%, well above the European average. Growth slowed considerably in 2001-05 as part of the global economic slowdown. 2006 and 2007 however showed economic growth of 3.4% and 3.9%. The Dutch economy was hit considerably by the ongoing global financial crisis and the ensuing European debt crisis.The Netherlands have a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a very big sizable current account surplus (compared to the size of the country even more than Germany) and an important role as a European transportation hub, with Rotterdam as far out the biggest port in Europe and Amsterdam as one of the biggest airports in Europe. Industrial activity is predominantly in food processing, chemicals, petroleum refining, hightech, financial services, creative sector and electrical machinery. A highly mechanised agricultural sector employs no more than 2% of the labour force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002.The stern financial policy has been abandoned in 2009 on account of the current credit crises. The relatively large banking sector was partly nationalised and bailed out through government interventions. The unemployment rate dropped to 5.0% in the summer of 2011, but increased with a sharp rate since then to 7.3% in May 2013 and 6.8% in 2015. The state budget deficit is about 2.2% in 2015 well below the norm of 3.0% in the EU. Historically, the Dutch introduced and invented the stock market by the merchandise trading through Dutch East India Company. The Netherlands is a founding member of the European Union, the OECD and the World Trade Organization.".
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