Turnover in the Dutch manufacturing industry was again higher in May 2005 than in the same month last year. Compared with May last year it was 8 percent higher. The increase was mainly accounted for by higher selling prices and one working day extra. After adjustment for working day effects, manufacturing production was 1.0 percent smaller than twelve months previously, according to figures from Statistics Netherlands.
Higher prices and extra working day push up turnover
More than half of the 8 percent increase in turnover was accounted for by higher prices for products. Moreover, May 2005 had one working day more than May 2004. Statistics Netherlands puts the positive effect of this extra working day at 2 percent.
The increase in turnover in May 2005 was generated in equal part by the domestic and the foreign markets. The largest growth rates were for the oil, chemical and rubber industry, where turnover was 14 percent up on twelve months previously. Average factory gate prices rose by 11 percent in the same period.
After correction for differences in working day patterns, the Dutch manufacturing industry produced 1.0 percent less in May 2005 than in the same month last year. This is the third month in a row that manufacturing output is down on twelve months previously.
After correction for seasonal effects, manufacturing production rose by 0.4 percent in the period April-May 2005 on February-March 2005. The slight rise follows two months of production decreases. Paper and publishing, and wood, construction materials, furniture and other manufacturing were the two sectors which accounted for the largest increases. Together these two sectors of manufacturing accounted for about one quarter of the total value added in manufacturing.
The production of raw materials and semi-manufactured products rose slightly in the period April-May 2005 compared with February-March. Production of consumer goods was at the same level, while the production of investment goods decreased.
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