It is years since output of Dutch manufacturing industry was as high as in November 2006. The average daily output in the Dutch manufacturing industry was almost 4 percent higher than one year previously. This is after correction for the effect of the composition of working days. It is six years ago now since a higher output growth rate was recorded.
This trend was already signalled by October’s producer confidence index. The producer confidence indicator reached its highest value in October since 1985. Manufacturers were very optimistic about their future production and the order position index (orders received expressed in months of work) hit a record high.
Production was higher in all sectors of industry The increase was largest (almost 5 percent) in the metal industry. Textile industry and food, beverages and tobacco industry did well too.
To get a more reliable idea of the short-term developments in production, it is best to look at production after correction of seasonal effects. As the corrected figures are often erratic, the two-month average compared with the previous two-month average is used for this.
After correction for working day and seasonal effects, manufacturing production was in the period October-November 1 percent up on the period August-September. Notably more investment goods and less raw materials and semi-manufactured goods were produced than in August-September last year.