Economy

The development of the Netherlands’ economy in 1998:
Provisional figures, February 1999 (Source: EVD)

• Industry and energy • Agricultural sector
• Transport • Current account of the balance of payments
• National expenditure • Wages and prices
• Money and capital market • Population and employment
• Exchange rates

Summary:
The Netherlands’ economy performed well again in 1998 and the country had one of the highest growth rates among the industrialised countries. The economy expanded by 3.8 percent, which was the third highest figure in the last twenty years. This growth was achieved despite the economic problems in Russia and Asia, which caused imports to rise faster than exports. The providers of commercial services were the principal driving force behind the growth in 1998, in part thanks to higher transhipment figures at Dutch seaports and airports and the healthy results of the country’s financial sector. Amsterdam’s stock exchange index closed the year 30 percent higher. In contrast to the services sector, growth in industry slowed, mainly due to a decline in the output of the chemical and food processing sectors. Unemployment fell sharply thanks to the economic growth and this, together with relatively low inflation, had a positive impact on the Dutch government’s budget deficit. The economic problems in Russia and many Asian countries had a visible effect on the Netherlands’ trade figures.