Netherlands GDP Growth Slows in 2022, but Remains Strong
Economic Output Declines Slightly, but Country Maintains High Rank
According to data from the World Bank and the OECD, the Gross Domestic Product (GDP) of the Netherlands declined slightly in 2022. Despite this dip, the country remains one of the highest-earning nations in the world, with the world's 11th highest per capita GDP nominal and 13th highest per capita GDP PPP.
GDP Value and Growth Rate
In 2022, the Netherlands' GDP was valued at $1009.40 billion US dollars. This represents a 1.97% decline compared to 2021, when the GDP was $1029.68 billion. The year-on-year change in GDP was -0.5%, which is a 0.3% improvement compared to the -0.8% recorded in the fourth quarter of 2023.
Factors Contributing to the Decline
The slight decline in the Netherlands' GDP in 2022 can be attributed to a number of factors, including the impact of the COVID-19 pandemic, the ongoing global economic slowdown, and the ongoing conflict in Ukraine. These factors have had a negative impact on economic growth in many countries around the world.
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