In early 2002 the Dutch economy was more in equilibrium, showing healthy tensions between supply and demand in labour and product markets. Fifteen years later, in early 2017, the situation was similar. The Dutch economy had seen turbulent times in the period in between. So how did the Dutch economy fare in this period, compared with seven other western countries (Canada, Denmark, Finland, France, Germany, the United Kingdom and the United States)? We will outline the results below. A more comprehensive analysis can be found in a Dutch-language blog on the website of Dutch journal ESB. To adjust for diverging developments in population size, we considered most factors per capita, i.e. per head of population.
Economic growth in the Netherlands ranked average
Together with the United Kingdom and Canada, the Netherlands ranked average in terms of development of the real gross domestic product (GDP) per capita in 2002-2016 (see Chart 1). Germany led the field here, driven by its steep recovery in the wake of the crisis, followed by the United States. Finland and Denmark lagged behind, with France coming in last. The introduction of euro banknotes and coins in 2002 does not seem to have played a role, as Germany topped the ranking and France was placed bottom.