The latest insights from PwC Netherlands’ Business Climate Heatmap 2025 and the Swedish Business Climate Survey 2025 both paint a picture of a Dutch business environment marked by resilience amid caution.
PwC’s analysis, which tracks 65 indicators from 2013 to 2024, confirms a gradual deterioration in the overall Dutch business climate since 2018, with a further slight decline from 2023 to 2024. While the Netherlands still ranks among the top five economies in PwC’s comparison group, it has lost ground to peers such as Denmark, Luxembourg and Switzerland. The study points to persistent structural challenges, including stagnating labour productivity, tight labour markets, and rising unit labour costs. Fiscal health has weakened slightly, and policy uncertainty has increased. These findings echo sentiments captured in the Swedish Business Climate Survey 2025, which describes a mood of cautious optimism among Swedish companies operating in the Netherlands. While GDP growth is projected to strengthen modestly in 2025, persistent inflation and political complexity continue to temper short-term expectations. Companies cite regulatory unpredictability, complex licensing processes, and talent shortages as key obstacles, even as they maintain plans for future investment.
Both reports highlight that the Dutch economy retains strong fundamentals. Which includes solid infrastructure, a skilled workforce, and an international trade orientation, but that these
advantages are increasingly constrained by demographic pressures and limited policy clarity. The overall tone is one of “steady but subdued” confidence: businesses remain profitable yet increasingly focused on stability over growth.
In sum, the data from PwC and the perspectives from the Business Climate Survey converge on a consistent message: the Dutch business climate, while still competitive by international
standards, is experiencing headwinds. Continued attention to labour productivity, policy coherence, and sustainable infrastructure will be essential to restore momentum and reinforce the Netherlands position as a leading business hub in Europe.
Disclaimer: Both PwC Netherlands’ Business Climate Heatmap 2025 and Swedish Business Climate Survey 2025 have not captured the recent rise in economic policy uncertainty coming from US tariffs.
Sources:
PwC Netherlands’ Business Climate Heatmap 2025, https://www.pwc.nl/en/insights-and-publications/themes/economics/heatmap-shows-deterioration-but-offers-opportunities-for-improvement.html
Business Climate Survey for Swedish Companies in The Netherlands 2025, https://swedishchamber.nl/publications/business-climate-surveys/
