Economic growth in the Netherlands
In the last year, the Dutch economy has shown an increase of 4.5%. In the Netherlands, 2022 was the first year to be mostly free of COVID-19 sanctions. However, it was also the year that the war in Ukraine started, the energy crisis and the relatively high inflation. The combination of all these factors with the fact that in the third quarter of 2022, the economy showed a slight decline made for people to fear a recession. However, the economy recovered and even increased in the last quarter of 2022 (NOS, 2023).
Since 2014 the economy in the Netherlands has been proliferating, excluding the ‘pandemic year’ 2020, growth was minimally 1.4%. In 2021, the recovery year after the pandemic, growth was 4.9%, the most significant growth of the last century. The increase in 2022 was only slightly lower at 4.5%. The economic growth is remarkable compared to the neighbouring countries. The economy grew slightly in Belgium and France, and Germany even showed a slight decrease (NOS, 2023).
Even though Holland was tortured by inflation because of high incomes, households still had sufficient revenues to consume. Half of the economic growth is because of the increased spending of these households. People did not necessarily get a higher income, but more people started working. The share of people in paid work was never as high as in 2022. Moreover, almost half a million jobs were created, and both labour productivity and hours worked grew (CBS, 2023). Especially in the business service and construction sectors, income increased.
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Are you thinking of (re)locating your company? The Netherlands could be a great place to do so! Even though many events are happening in the world, the Dutch economy remains stable and growing. Relocating to a new country can be challenging; different cultures, languages, rules, and regulations can be complex. A local team supporting you in overcoming these obstacles could speed up the implementation process. Q-Business Support has a team of multilingual, highly skilled professionals dedicated to helping you implement your business in the Netherlands. Q-Business Support has a multilingual and highly skilled team. The professionals are committed to supporting your implementation and have over 25 years of experience in the international financial industry. They are experts in listening and responding to the client’s accounting, financial reporting, legal and compliance support needs. This will allow you to feel free and focus on what matters the most: your business.