Dutch GDP passed the €1 trillion mark in 2023, despite minimal growth, making the Netherlands the 18th largest economy in the world.

The economy put on €74 billion to reach €1.03 trillion, according to figures published by the statistics agency CBS. But when adjusted for inflation that translates into an increase of just 0.1%.

The Netherlands emerged from a nine-month recession in the fourth quarter of 2023, when it grew by 0.3%. The economic planning agency CPB expects growth of 1.1% in 2024 and 1.6% next year.

The Dutch economy has tripled in value in the last 30 years and passed the half-trillion mark in 2002, the CBS said. GDP has shrunk just twice in that period in nominal terms, during the financial crisis of 2009 and the coronavirus pandemic of 2020.

In global terms the Netherlands ranks 18th, just behind Turkey and ahead of Saudi Arabia and Switzerland. The United States is the largest, followed by China and Germany, while France and Italy are also in the top 10.

The Dutch economy is the fifth largest in the EU, after Spain. Altogether 19 countries have a GDP larger than US$1 trillion.