According to Statistics Netherlands, the average daily output generated by the Dutch manufacturing industry was 1.4 percent up in August 2014 from August 2013. The electrical products and machinery sector accounted for main part of the increase. Since October 2013 output has been almost consistently higher than one year previously.
Mixed picture within sector manufacturing industry
Output generated by the electrical products and machinery sector rose by 5.9 percent in August. Production in the petroleum, chemical, rubber and plastic industry was almost the same as twelve months previously. Output in the food, drinks and tobacco sector and in the metal industry on the other hand fell by 5.5 and 1.8 percent respectively. Together, these sectors account for nearly three-quarters of manufacturing output.
Average daily output manufacturing industry (volume)
Short-term output developments vary considerably
Figures adjusted for seasonal variation and the effects of the number of working days provide a more reliable picture of short-term output developments. In August manufacturing output was 0.6 percent down from July.
In the past months, the seasonally adjusted figures for 2014 have varied considerably. In February, manufacturing output reached the highest level for more than six years, followed by dips and peaks in subsequent months. In August, manufacturing output was 3.4 percent below the level in February, but marginally above the average level of 2013.
Seasonally adjusted average daily output in manufacturing industry
Dutch manufacturers less positive
The mood among Dutch manufacturers deteriorated in August and September. The Dutch manufacturing industry exports mainly to neighbouring countries, where economies are faltering. Germany in particular is an important foreign market for the Netherlands. German producer confidence peaked in April and subsequently declined in the following five months; the growth rate of German manufacturing output also decreased considerably in August.
More figures can be found in the dossier Business cycle.
For more information on economic indicators, see the Economic Monitor