[rnentjes]

This must mean nothing gets done right?

Guess again: https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)...

Netherlands is number 5.

[Udik]

That's the wrong measure, though: it's probable that productivity lowers with each further working hour, but you do still produce something. Americans still produce 10% more per hour and work 25% more hours.