ABSTRACT
In 1940 and 1941 German withdrawals were small compared to later years, and in these year not all tributes resulted in a drain of goods and services. In the first years of the occupation the economy boomed. Calculations made directly after the war suggest that already in 1940 and 1941 national income slumped dramatically, but these figures are strongly influenced by the idea that the German armies only brought misery. The fact that the economic recovery of 1940 and 1941 was paid from Dutch resources and only resulted in more loot for the enemy seemed hardly a problem to anybody. During the occupation Dutch industries tried to adapt to the changed circumstances. The Dutch economy flourished. In fact in 1945 the Dutch economy was not in a disastrous position. It needed fuels and raw materials, but with that a fast recovery proved possible.
