Economic and Econometr ic
Analysis of
the Dutch Disease

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Title: Economic and Econometr ic Analysis of the Dutch Disease
1. Introduction
The purpose of this paper is to analyze the Dutch Disease in terms of economics andeconometrics. The Dutch Disease discussed in this paper is what happened in the
Netherlands from 1970s to 1980s as a result of the natural gas discovery in the North
Sea and its production. There has been the biggest and long-lasted boom of primarycommodities in 1970s, which accelerated the Dutch natural gas industry to produce
and export it. This natural gas discovery sounds positive for the Dutch economy but it
has been said, in line with economics, that the other sectors and the country’s
economy itself were seriously damaged due to the fact that the natural gas export had
dramatically increased and the exchange rate became extremely high.
This paper is written to implement econometric estimation of the Dutch Disease
happened in the Netherlands while most of the related papers, as I refer to, explain the
Dutch Disease by using economic models and theories. Therefore, more specificresult will be showed in this paper even though this paper is based on these economic
models and theories. Also, many economical studies about the Dutch Disease has
been done in 1980s where the present currency, euro, did not exist yet. In thismeaning, this paper suggests a new point of view by taking into account what
happened after euro was introduced.
The detail of the Dutch Disease is explained in chapter 2. What has been said about
the Dutch disease in line with economics will be mentioned in chapter 3 referring toeconomic theories and the models established by Corden and Neary. The econometricmodel to be analyzed is discussed in the chapter 4. Chapter 5 explains specific details
about Econometric estimation using EViews and the result is explained in the chapter
6. As a conclusion, what to be seen from the comparison between econometricanalysis and economic models and theories is mentioned in the chapter 7. The chapter
8 and 9 are showing the references written in English and Japanese, separately.

2. What is the Dutch Disease?
The economic term “Dutch Disease” was first stated in the magazine The Economist
published in November, 26, 1977. Nagasaka, the professor at Takushoku University
mentioned the Dutch Disease in his paper. The paper was written for a seminar heldon June in 2001 organized by the Policy Research Institute in the Ministry of FinanceJapan.
The Dutch Disease is the economic term, used in the correlation between natural
resources and economic growth, that explains negative economic influence to acertain sector or economy itself due to the failure in economic policy after having
acquired the windfall profit from increased price of natural resource. This term has
been used for other similar cases in all over the world since the economic crisis in the
Netherlands in 1970s and 1980s. (Translatoin: author)

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In the case of the Netherlands, the natural gas was discovered in 1960s at the deep
inside of the North Sea and they begun to extract it dramatically after thedevelopment in its extracting technology in 1970s. There was indeed the primarycommodities boom after the World War Ⅱand the boom was overlapped with thesuccess in the Dutch natural gas sector. This booming sector, the natural gas industry
in case of the Netherlands, gained a big amount of profit out of its excess export and
the Government also profited from increased amount of the tax revenue from thebooming sector. Vast foreign currency revenue from the natural gas export was
repeatedly spent for the investment of the development of the natural gas production
and thus the exchange rate had soared. Other sectors were, hence, put in a difficult
position in the international market by becoming uncompetitive because of the highexchange rate arose from the increase in export of natural gas. Having lostcompetitiveness meant decline in their output, investment and income but, at the sametime, these sectors were forced to raise the wage to keep sufficient amount of labor
force while the booming sector increased its output and thus wage. The natural gas
discovery turned out that it pushed other sector in an economically difficult situation.
Moreover, what the government did by using the vast but temporal revenue frombooming natural gas sector was enriching in social welfare services, which left the bigburden of tax payment, after the boom in primary sector has gone. The Dutch
economy, after all, faced a serious depression due to this inappropriate fiscal policythat resulted in the economic crisis containing the increase of unemployment and thedecline of export and competitiveness in the international market especially in
manufacturing industry.
The economic term, Dutch Disease, is nowadays used not only for the case in the
Netherlands but also for other countries with same/similar issues. In fact, there are
multiple examples, mentioned by Corden (1984) that can be considered as Dutch
Disease such as gold and other wealth brought from the Americas into Spain in 16th
century, gold rush in Cairns, Australia in 18th century and also current oil productionin Russia (Latsis, 2005). The discovery of oil in the North Sea by UK and Norway in1970s to 1990s can be also considered as Dutch Disease.

3. Macroeconomic Theories and Economic Studies about the Dutch Diseasein the Netherlands
3-1. Basic macroeconomic theorem
Some of the basic macroeconomic theories and theorems are found in chapter 17,
GDP in an open economy with government, in Economics written by Lipsy andChristal. First of all, how the Dutch Disease can be explained in line withmacroeconomics requires careful consideration of government spending and net
export. Supposed that a country has received windfall profit all of the sudden, thatmeans there is a high possibility for its government to change the way of spending the
tax they obtained from the sector that made windfall profit. The government willchange their fiscal policy, defined in the book: the ability of the government to use its
taxing and spending powers to affect the level of GDP. Also, at the same time, thepeople who obtained the profit directly/indirectly will change their consumption
behavior. To make a difference from theories of closed economy, note, in an open
economy, that government spending (or fiscal policy) and the foreign trade sectors are
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the key factors for its whole economy to affect on government, individuals and firms
in such a way that they will change how/what to consume. In addition, net foreign
demand for domestic output is also an important source of final spending.
Firstly, two ways of desired spending by the government play crucial roles to see how
the government will change fiscal policy. As generally known, the government
receives taxes from individual households and firms and they are supposed to spendthese tax revenues for the sake of increasing the living standard of the domestic
residents. This happens somehow within the expectations since government controls
to what extent they earn from the people. Chrystal calls this sort of expected spending
induced spending, which is dependent upon national income thus GDP. However,there may be a government spending occurred by some external shock. This is what isreferred as ‘autonomous (exogenous) spending’ in the book and is treated as constantand determined from outside of the model. These two desired government spending
make ‘aggregate desired spending’ so that these two spending in the home economy
equals to the output drawing a 45 line. Additionally, it is necessary to distinguishbetween government consumption spending on goods and services and governmenttransfer payments for they bring about different effects on economy. The former, thedesired government purchases, directly adds to the demand for the current economy’s
output of goods and services so this is categorized into a part of aggregate desired
government spending. The latter, however, is not classified as such since governmenttransfer, mainly known as pensions or unemployment benefit, influences aggregate
spending only indirectly, which is namely through increase in disposable income via
consumption function. On the contrary, tax payments diminish disposable income
relative to national income. Therefore, net tax means total tax revenue minus totaltransfer payments.
Secondly, net exports (exports minus imports or X - IM) should also be consideredwhen it comes to a measurement of GDP based on spending. The net export function
is used to see how the balance of trade responds to change in GDP, the price level
and the exchange rate according to Chrystal. The net export function is a negative
relation between net exports and GDP. In other word, desired net exports arenegatively related to GDP because of the positive relationship between desired
imports and GDP. Exports are always achieved through purchase of the domestic
products and the purchase is implemented due to the spending decision made byforeign consumers or overseas firms. Hence, exports affect exogenously on thedesired net export function. Imports always depend on the spending decision bydomestic residents as opposed to exports. Therefore, imports form induced factors of
the net export function. People or firms import more when they have more income but
imports are not directly changed by government spending, investment spending nor
exports. Because of the negative relation, the net export function draws a downwards
sloping.
What are the factors that affect on import and export thus the net export function?
Two factors are found in macroeconomics: foreign GDP and relative international
prices. Other things being equal, foreign GDP can have a positive effect on the output
of domestic products due to the increased demand by foreign individuals and firms
when foreign GDP goes up. However, NX line always shifts parallel to its original
position as long as foreign residents import and export goods and services with thesame proportion. Relative international prices are the other factor that plays animportant role to change the net export function and inflation rates, and exchange
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rates are the circumstances that cause the change in relative international prices. To
focus firstly on how these circumstances affect the net export function, assume thatthe prices of domestically produced goods have risen compared to the prices in aforeign country. To avoid complication, the domestic country is called ‘A’ and theforeign country is called ‘B’ here. What happens is that the domestic (A’s) residents
will buy more foreign (B’s) goods and buy less domestic goods thus relatively thedomestic firms import more and export less. On the other hand, foreign (B’s)
consumers will buy less domestic (A’s) goods and more foreign (B’s own) goods thus
foreign (B’s) consumers will reduce importing goods from the domestic country (A).
These reactions shift the net export function downwards and change its slope. In thesame way, the net export function will go upwards when the prices of thedomestically produced goods fall. Consider now the two circumstances: inflation rateand exchange rate. Positive inflation rate brings about positive change of price. Then,
to take exchange rates into account, depreciation of domestic currency makes imports
more expensive, and the exports from this country become cheaper for the foreign
consumers. Therefore, the net export function shifts upwards and vice versa in case of
appreciation of the domestic currency.

3-2. Corden and Neary
One of the well-known economic models about the Dutch Disease was developed by
W. M. Corden and J. P. Neary in 1980s and the core model they used was called
Spending Effect and Resource Movement Effect. This model can be found in two
papers; Booming Sector and De-industrialization (Corden and Neary in 1982) andBooming Sector and Dutch Disease Economics (Corden in 1984). The Dutch Disease,in these papers, means the adverse effects on Dutch manufacturing of the natural gas
discoveries of nineteen sixties, essentially through the subsequent appreciation of the
Dutch real exchange rate. Note that Corden (1984) also footnoted that it might bearguable that what was wrong in the Netherlands is rather inappropriate usage ofbooming sector revenue for enriching social service levels, which was disable tosustain but politically difficult to reduce. However, in this paper, I will not mention
the latter and only the former consequence of the Dutch Disease is discussed sincesocial service cannot be accurately estimated by the econometrical manner.
To explain spending effect and resource movement effect by basically referring toCorden (1984), first of all, assume the three sectors, the Booming Sector (B), theLagging Sector (L) and the Non-Tradeable Sector (N). B and L produce tradable
goods and face given world prices. All output is produced specifically by the factorsthat belong to each sector and labor is domestically mobile between all sectors. Threeassumptions can be thought of as the reasons why the boom has occurred; (1) a oncefor all exogenous technical improvement in B, represented by a favorable shift in the
production function, happened limitedly within the country concerned, (2) there has
been a windfall discovery of the new resources, which increased in supply of thespecific factor and (3) B produces only for export, with no sales at home and there
has been an exogenous rise in the price of its product on the world market relative tothe price of imports. Assumption (1) is mainly considered in the paper.

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QuickTime™ and a
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Figure 1: Corden, 1984
The spending effect occurs when some part of extra income acquired in B is spent
either directly by the employer or indirectly by the government through getting extra
tax revenue collected from B. If the income elasticity of demand for N is positive, theprice of N becomes higher compare to tradeables. As is seen in the figure 1, the twodimensions are composed by price of N and that of tradeables, the transformation
between N and tradeables takes place as supply shifts. As long as expenditure equals
to income, the demand curve in the figure shows the relative demand for N to
tradeables. Thus, when the relative demand for N increases, the demand curve shifts
to upper-right and the price of N rises. This increase in price N caused by the increasein the demand of N derived from the occurrence of the resource boom is spending
effect.
Resource movement effect is the reaction derived from the boom in natural resource
sectors that requires more labor so that there has been a labor shift especially from L
but also from N. As Corden explains, resource movement effect contains two parts.
(1) The movement of labor out of L into B lowers output in L, which is what hecalls direct de-industrialization. It is because this labor shift occurs with noeffect on the real exchange rate thus with no effect on Non-tradeables’ market
and their labor demand.
(2) There is also a movement of labor out of N into B at a constant real exchange
rate. As mentioned above, resource movement effect means an increase innatural resource production therefore, the supply curve shifts to upper left, S0
to S1 in Figure 1. Then, the demand for N has risen because people willconsume more non-tradeables when the output and thus revenue of B
increases. The combination of these two effects brings about labor shift fromL to N. The demand and output of L drops after the natural resource boom
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(direct de-industrialization) while N gains more demand due to the boom.
This is called indirect de-industrialization. In other word, spending effecttends to make output of N higher than initial situation and resource movement
effect tends to make it lower.

3-3. New currency’s launch
To explain briefly about the euro launch in some EU member states, the idea of
sharing the same currency was established by the Maastricht Treaty in 1992. Euro
firstly started being used for transactions between banks in 1999 and the 12 member
states have started using euro coins and notes on January 1st, in 2002. There are strict
criteria that have to be complied by members of the monetary union in order to makethe currency stable. For example, budget deficit had to be less than 3% of their GDP,the debt ratio had to be less than 6% of their GDP, the interest rate hat to be kept low
and also the exchange rate had to be as close as the EU average. Achieving these
conditions were resulted from ERM (European Exchange Rate Mechanism) that had
been already introduced since 1979 by the European Community, and the member
countries were required to comply them before becoming a part of single currencygroup. The Dutch economy was in a recession, in 1980s, and they were supposed to
improve the present economic situation to apply to the ERM just after all the effort
and expense for the booming sector had been put.

4. Econometric modelAll estimation results are explained with details in the chapter 6 so in this chapter, thefocus is on the econometric models that are applied to the estimations. This paper
aims at examining whether or not and how economic factors of the Dutch Disease arecorrelated in terms of econometrics using the existing statistic data in the Netherlands.
To relate economic theories to the econometric model, macro date such as GDP, net
export of natural gas, inflation rate and exchange rate are required. Note that many ofstudies about the Dutch Disease in the Netherlands were done before the euro launch
therefore, these studies automatically neglect the effect of the currency change.
Several years after the economic crises, euro has been introduced and the introduction
has completed in 2002. In this paper, whether/ how the euro introduction has affected
the Dutch economy is examined by making a time series estimation which takes thenatural gas boom, the economic crisis and the euro launch into account.
Applying to economic theories and models mentioned in the previous chapter, theeconometric model and its expected consequence are as follows:

GDP* = XGAS + INFL + EX
(+)
(-)
(+)
(-)

XGAS: natural gas export
INFL: inflation rate
EX: exchange rate

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GDP*
Assumed production function is determined only by quantity of resource input of A.
Under this assumption, the production function can be written as in this form:q = q (a)q*0input aLabor is actually used as a single variable that determines output (natural gas export,
in this paper).
I will show five diversities of estimations below because now we need a special
attention to euro introduction in the Netherlands since all money-related statistic data
have been changed in their values after 1999. Five estimations indeed show different
results when changing the combinations of explanatory variables. To examine theeffect of currency change, dummy variable is added. The dummy variable is made by
first, making time trend and then, distinguishing the sample after 1999 in the timetrend from the rest. The first estimation is done without dummy variable and thesecond is with the dummy, which is the only difference between Estimation 1 andEstimation 2 otherwise, the variables are all the same. Estimation 3 adds the numberof labor force and the dummy variable and 4 with labor but not together with thedummy variable. The explanatory variable in equation 5 is just composed by labor
force to see the simple production function.

5. The estimations using EViews
This chapter is for giving technical information of the estimations. The EViews
version 6 and 5.1 are used as the only tools for the entire process of making
econometric analyses in this paper. The analyses are based on the time series
estimations with annual 40 samples (41 only in the case of estimation 5) in eachvariable at any estimation. The period is from 1965 to 2004 (estimation 5 is between
1965 and 2005) for the reason of availability of the data yet the data cover all ofconcerned events; the natural gas boom, the economic crisis and the euro introduction.
The method for estimation is the Ordinary Least Squares. The symbolic names ofPage 8 of 14

each variable used in the estimations are as follows: GDP (dependent variable),
XQGAS, PGAS, EXCH, INFL, DUMMY and LABOR (explanatory variables). GDP
stands for the gross domestic product and the data is the net GDP, excluding
consumption of fixed capital, with nominal value. Inflation rate is considered into the
explanatory variable so the nominal GDP is used here to keep the explained variableindependent. XQGAS stands for quantity in exported natural gas whose unit is million
m3. PGAS stands for average price of natural gas. The unit of the data between 1990
and 2004 was expressed by euro per gigajoule and that of the data between 1965 and1989 was expressed by eurocent per m3. According to the website, SaskEnergy, toconvert ¢ per m3 (¢/m3) to $ per Gigajoule ($/GJ) is to divide by 0.03743* and movethe decimal point two digits to the left. However, the overlapped period in both waysof calculations in statistics did not match by being divided by 0.03743 but instead,they do almost match by being divided by 0.61 so I use this rate to make a series of
price change. EXCH stands for the exchange rate that is the amount of guilder or euro
per 1 U. S. dollar. Since this is converted value of guilder or euro by 1 USD, the value
should become higher when the Dutch currency gets weakened so that the Dutch
economy has more advantage to exports. INFL stands for inflation rate. Remind that,in euro zone, there is a problem with the currency unification when it comes toeconometric estimations that use existing data because the primary exchange rate
between guilder and euro was determined and fixed on purpose on 31 of December in
1998. In order not to ignore this fact and also to examine whether there is an influenceof euro launce on the other variables, the dummy variable is taken into account, whichis indicated as DUMMY. As is already mentioned in chapter 4, the dummy variable
has been set to make a difference between the data till 1998 and later. LABOR stands
for the population who is between the age 20 and 65 and the unit is 1000. Available
datum of employed labor force did not cover the period sufficiently for theestimations in this paper so that the number of labor force are substituted by the
productive-age population whose values are slightly larger than that of employedlabors.

6. The result
Estimation 1: estimation without dummy variable
Dependent Variable: GDP
Method: Least Squares
Sample (adjusted): 1965 2004
Included observations: 40 after adjustments
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
XQGAS
PGAS
EXCH
INFL

289941.2-1.089337
7211.665-86229.23
2019.672

42449.39
0.507576
1080.726
10227.82
2859.494

6.830279-2.146158
6.672982-8.430849
0.706304

0.00000.03890.00000.00000.4847R-squared
Adjusted R-squared

0.932845
0.925170

This estimation result shows the strong correlations except inflation. The t-Statistic ofinflation is deficient so that its coefficient should be neglected. The negative
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correlation between export of natural gas and GDP can be considered as an
explanation of the Dutch Disease and the positive price change affects directly on theincrease in output in regards to macroeconomics. Also the coefficient of exchange
rate is significantly negative, which means when the exchange rate goes down, GDPwill grow. This result explains the expectation for the Dutch economy tends to havepositive amount of exports (see the graph in appendix). However, notice that theresult has changed when adding the dummy variable (see Estimation 2).

Estimation 2: Estimation with dummy variable
Dependent Variable: GDP
Method: Least Squares
Sample (adjusted): 1965 2004
Included observations: 40 after adjustments
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
XQGAS
PGAS
EXCH
INFL
DUMMY

245841.5-0.211397
5571.368-64629.93-2325.394
58338.53

42199.30
0.566145
1159.977
12275.41
3070.131
21337.34

5.825726-0.373398
4.802998-5.264993-0.757425
2.7341050.00000.71120.00000.00000.45400.0099R-squared
Adjusted R-squared

0.944948
0.936853

The dummy variable is significant in this result and the exchange rate is again,significantly and negatively correlated to GDP but we still cannot see the significanceof inflation rate. What to be taken into account in this estimation is that the negative
coefficient of natural gas export turned insignificant when the dummy variable isadded.
Estimation 3: Estimation with dummy variable and labor force
Dependent Variable: GDP
Method: Least Squares
Sample (adjusted): 1965 2004
Included observations: 40 after adjustments
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
XQGAS
PGAS
EXCH
INFL
DUMMY
LABOR

-495210.0
0.016346
488.0284
2197.956
1024.202
101898.6
76.07165

92280.07
0.327521
905.5545
10701.32
1815.056
13367.39
9.137783-5.366381
0.049909
0.538928
0.205391
0.564281
7.622926
8.324957

0.00000.96050.59360.83850.57640.00000.0000R-squared
Adjusted R-squared

0.982242
0.979014

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When putting all variables together, the result did not show sufficient significance.
Now the question is, does the combination of dummy and labor mean anything? Orwhat about other combinations? Remind that dummy variable is added to avoid euro
introduction from mixing it with guilder.
Estimation 4: Estimation with labor
Dependent Variable: GDP
Method: Least Squares
Sample (adjusted): 1965 2004
Included observations: 40 after adjustments
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
XQGAS
PGAS
EXCH
INFL
LABOR

-164372.1-1.363799
4736.111-53701.34
6250.184
48.80557

133310.4
0.446777
1168.425
12758.37
2751.103
13.76470-1.233002-3.052531
4.053414-4.209108
2.271883
3.545704

0.22600.00440.00030.00020.02950.0012R-squared
Adjusted R-squared

0.950973
0.943763

The significance of the estimation has been improved after adding labor as an
explanatory variable, which will explain the positive correlation between labor force
and GDP as microeconomics stresses. All t-Statistics except that of constant term
become significant and all variables seem to affect on GDP as they are expected yet
the effect of euro has been ignored in this estimation.
Estimation 5: Estimation with labor only
Dependent Variable: GDP
Method: Least Squares
Sample: 1965 2005
Included observations: 41
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
LABOR

-630585.8
96.31095

44823.51
5.223182-14.06819
18.43913

0.00000.0000R-squared
Adjusted R-squared

0.897098
0.894460

This estimation simply but precisely explains the supply function in microeconomics.
Showing this significant correlation between labor input and production output implies
adequacy of the GDP used in the estimations.

7. Conclusion
The Dutch Disease features negative consequence caused by some variables, which is
opposed to the general/non-economic impression of wealth brought by natural
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resource discovery. Nevertheless, unignorable numbers of studies about the Dutch
Disease represented such as the core model by Corden and Neary have been somehow
appreciated in terms of economics. Wijnbergen, however, concludes that it cannot be
definitively declared that decline in output of non-booming sectors is derived fromincreased revenue of a natural resource production and thus increase in real exchange
rate. The estimated result in this paper also illustrates negative correlation between
GDP and natural gas export when the euro is not distinguished.
Each estimation result differs the conclusion. As is shown in Estimation 4, theoretical
expectation could be proven by econometric estimations using statistic figures.
However, taking euro introduction into consideration may bring about another result,which also implies that some other ways of econometric estimation will show thedifferent results. In other words, how to build up the economic models will affect how
the estimation goes. The Dutch disease seems to have negatively affected on the
Dutch economy under a certain condition like in this paper, but it is not deniable tosay that applied econometric analysis with different economic models can give rise toa different interpretation of the Dutch Disease.

8. Refer ences (English/ Dutch)【Books and Papers】
Corden, W. M.; Neary, J. P., Booming Sector and De-Industrialisation In a
Small Open Economy
The Economic Journal, Vol. 92, No. 368 (Dec., 1982), pp. 825-848
Coden, W. M., Booming Sector and Dutch Disease Economics: Survey andConsolidation
Oxford Economic Papers, New Series, Vol.36, No.3 (Nov.,1984), pp.
359-380
van Wijnbergen, S., The ‘Dutch Disease’:A Disease After All?
The Economic Journal, Vol.94, No. 373 (Mar., 1984), pp. 41-55
van Wijnbergen, S.,Inflation, Employment, and the Dutch Disease in OilExporting Countries: A Short-Run Disequilibrium Analysis
The Quarterly Journal of Economics, Vol. 99, No. 2. (May, 1984), pp.
233-250
Salehi-Esfahani, H., Informationally Imperfect Labour Markets and the ‘Dutch
Disease’ Problem
Canadian Journal of Economics/ Revue canadienne d’Economique,Vol. 21, No. 3. (Aug., 1988), pp. 617-624
Hirshleifer, Jack, Glazer, Amihai and Hirshleifer, David, Price Theory andApplications: Decisions,Markets and Information, Seventh Edition
Cambridge University Press, Printed in the United States of America【Web Pages: All listed accessible on 6th of June, 2007】
Central Bureau voor de Statistiek
http://www.cbs.nl/nl-NL/default.htm
European Central Bank, Statistical Data Warehouse
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http://sdw.ecb.int/browse.do
International Energy Agency, statistics and balances
http://www.iea.org/Textbase/stats/index.asp
Sask Energy: business articles, access:02/06/2007
http://www.saskenergy.com/BusinessWikipedia, the Free Encyclopedia, Dutch Disease
http://en.wikipedia.org/wiki/Dutch_Disease
Wikipedia, the Free Encyclopedia, Euro
http://en.wikipedia.org/wiki/Euro
Wikipedia, the Free Encyclopedia, EMU
http://en.wikipedia.org/wiki/European_Exchange_Rate_Mechanism

9. Refer ences (J apanese)
長坂寿久『オランダモデル—制度疲労なき成熟社会』、日本経済新聞社
松浦克己、コリン・マッケンジー『EViews による計量経済学入門』、
東洋経済新報社
長坂寿久『第３章 オランダ病』
www.mof.go.jp/jouhou/soken/kenkyu/zk051/zk051d.pdf

10. Appendix

Trade Balance in the Netherlands

Year
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2006*

2004

2002

2000

1998

1996

35000
30000
25000
20000
15000
10000
5000
0

Data: Statline, the CBS statistic database

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