According to Statistics Netherlands, the average daily output generated by Dutch manufacturing industry was 1.5 percent lower in January 2015 than in January 2014. The decrease was somewhat smaller than in December. The production growth was curbed by a substantial downturn in the tobacco industry. The transport equipment industry realised the largest increase.
Largest growth for transport equipment manufacturers
Production by the transport equipment industry was nearly 9 percent higher than in January 2014. Output realised by the machinery sector increased by just over 3 percent. The production of petroleum derivatives, metal, and food products was also higher than twelve months previously.
Production in the chemical products sector, on the other hand, fell sharply: by almost 9 percent. The pharmaceutical sector and electrical engineering also produced less than in January 2014. Together, these sectors account for nearly 70 percent of total manufacturing output.
Short-term output figures vary considerably
Figures adjusted for seasonal variation and calendar effects provide a more reliable picture of short-term output developments. Manufacturing output decreased by 1 percent from December 2014 to January 2015. In the last three months of 2014 the production increased every month.
Seasonally adjusted output figures show considerable variation. The highest level in 2014 was reached in February; output levels subsequently fluctuated.
Mood among Dutch manufacturers less positive in February
The mood among Dutch manufacturers was slightly less positive in February than in January. In January, the mood among the manufacturers also deteriorated slightly. However, producer confidence in February was still above the average of the last twenty years. German manufacturers, on the other hand, were again more positive in February. Germany is an important foreign market for Dutch manufacturing industry.
For more information on economic indicators, see the Economic Monitor