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2004 OECD Economic Surveys: Netherlands 2004

image of OECD Economic Surveys: Netherlands 2004

In this 2004 review of the Dutch economy, OECD examines the reasons for the volatility in the Dutch economy and makes recommendations in such areas as housing and pension reform, fiscal policy, labour force participation, product market competition,  innovation and productivity, and sustainable development. 

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Fiscal Policy

There has been a very substantial deterioration in public finances, from a surplus of 1½ per cent of GDP in 2000 (excl. UMTS) to an expected deficit of almost 3¼ per cent of GDP in 2003. Indeed, it has been necessarily to implement consolidation measures during the economic downturn to avoid the budget deficit from exceeding the 3 per cent limit imposed by the Stability and Growth Pact (SGP). While most of the deterioration in the general government budget balance appears to have been cyclical, the structural budget balance has nevertheless also fallen considerably. The government is actively addressing the need for further consolidation, and measures are aimed at putting public finances on a sustainable path – meaning that it is possible to keep up social security and government ...

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