Europe is in panic since the British majority voted for leaving the European Union. What does this means for the Netherlands and the Dutch economy?
According to new figures from the national statistics office CBS, the Netherlands earned €20.5bn last year exporting goods and services to Britain, the equivalent of 3% of GDP. This makes the UK the Netherlands’ second most important export market after Germany. Belgium is in third place, followed by the US and France, the CBS said.
A British withdrawal from the EU will cost the Dutch economy €10bn in lost income by 2030, according to calculations by the government’s macro-economic think tank CPB last week. The drop in trade with Britain will mount up to 1.2% of GDP within the next 15 years, the CPB said.
Of the total production of goods and services in the Netherlands, 3.7% is with demand from the United Kingdom. This creates 300,000 jobs, or 3.3% of the Dutch employment, calculated as ING. Within the EU, only Ireland and Malta are more dependent on the United Kingdom.
Is it really so terrible?
At this point, much depends on the deal that will be reached afterwards. With a Norwegian model (participation in...