The first case related to COVID-19 in the Netherlands was witnessed on 27th February 2020. By 11th April 2020, the cases related to COVID-19 increased to more than 23,000 and has registered more than 2,500 fatalities. As per the International Monetary Fund, the GDP of the Netherlands was $902 billion in 2019. As per the European Commission, the GDP growth of the country was 1.7% in 2019 and before the pandemic; it is projected to be 1.3% for the next two years. In March 2020, ‘the Bureau for Economic Policy Analysis’ stated that the Dutch economy can shrink by 1.2% if the pandemic remains for the next three months.
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Due to the exponential growth of the cases in the country, on 12th March the government restricted the public event of more than 100 people till 6th April 2020. On 24th March, the period of restriction is increased to 1st June and after three days of this closing of all restaurants, museums, sports clubs and schools was announced by the government. As an emergency coronavirus aid, the Dutch government has announced an aid of $22 billion (20 billion Euros) as financial assistance for businesses. The amount under the relief package may increase if needed.
A Full Report of Impact of COVID-19 on Netherlands Economy Market is Available at: https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-netherlands-economy
The impact of COVID-19 pandemic on the Netherlands’ economy is studied by classifying the economy into electronics, energy, healthcare, retail & e-commerce, aviation, manufacturing, travel & tourism, and other verticals. Aviation, tourism, and other temporary works are significantly affected due to COVID-19. KLM Royal Dutch Airlines, the flag carrier airline of the Netherlands has to ground a large proportion of its fleet. As per the 2nd April 2020 news release, the airline has parked its entire A330 fleet (13), entire Boeing 777-200 fleet (15) and the remaining 747s (7) at Schiphol. Moreover, the smaller aircraft, Embraer 175s (17), Embraer 190s (15) and Boeing 737s (34) are also grounded at Schiphol.
Key companies operating in Netherlands whose business operations are affected due to COVID-19 include Airbus SE, KLM Royal Dutch Airlines, Akzo Nobel N.V., Heineken N.V., Koninklijke Ahold N.V., Koninklijke Philips N.V., LyondellBasell Industries N.V., NXP Semiconductors N.V., Royal Dutch Shell PLC, Unilever PLC, and Fletcher Hotel Group B.V. Numerous manufacturing companies have shut down their operations due to the coronavirus. For instance, DAF Trucks announced to cease its production from 19th March till 6th April due to COVID-19. Nike, Inc. also announced to shut its European headquarters in the Netherlands on 2nd March 2020, after an employee was found to be infected with the coronavirus.
Industry Overview
- Historical market growth estimation of Netherlands economy pre-COVID-19 pandemic
- Deviations in Netherlands economy growth rate due to COVID-19 pandemic
Verticals Affected Most
- Automotive
- Energy
- Healthcare
- Retail & E-commerce
- Aviation
- Manufacturing
- Travel and Tourism
- Others (Construction, Electronics)
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