The study is based on an economic valuation of the ecosystem services of the Hoge Veluwe forest (the Netherlands), one of the largest and best known protected areas in the country. The study follows the proposed approach of the Millennium Ecosystem Assessment with respect to the identification, analysis and valuation of ecosystem services. The services included in the study are wood production, supply of game, groundwater recharge, carbon sequestration, air filtration, recreation, and nature conservation. A conservative estimate of the total economic benefits generated by the forest is around 2000 Euro/ha/year, which is more than three times higher than the per hectare-value generated by nearby agricultural land. The study provides an analysis of the economic value of eight ecosystem services, discusses the uncertainties of the value estimates, and examines the implications for financing protected area management.