After adjustment for working day patterns, Dutch manufacturing production in October 2005 was about the same as in October 2004. In the third quarter of 2005 production was 0.5 percent higher than the year before.
It is best to use the seasonally adjusted figures to determine short term developments in production. The monthly seasonally adjusted figures show a somewhat erratic course, so the average over two months is compared to the average over the preceding two months.
After adjustment for seasonal effects and working day patterns, manufacturing output rose by 0.7 percent in September-October compared to July-August 2005. The production of investment goods increased substantially, while the production of raw materials and semi-manufactured goods rose slightly. The production of consumer goods remained practically the same.
With a nearly unchanged production, manufacturing companies realised 7 percent more turnover. The increase in turnover was largely the result of higher factory gate prices. These rose by 5 percent on average. The volume growth of turnover is then about 2 percent, which is significantly higher than the production growth. This indicates that turnover is realised by reducing stocks. This picture is confirmed by the results of the business sentiment survey for November, when companies were more positive about their stocks of final products.