year-on-year growth manufacturing output for fourth month in a row
According to Statistics Netherlands (CBS), the average daily output generated by Dutch manufacturing industry was 3.6 percent up in June 2015 from the same month last year. For the fourth month in a row, manufacturing output was higher than in the same month one year previously. Manufacturing output still suffers the effects from a major closedown in the tobacco industry. If this is not taken into account, output growth would have been even higher. Overall, manufacturing output has improved since the summer of 2014.
Highest output growth recorded in pharmaceutical products and transport equipment
A vast majority of branches within the sector manufacturing industry generated more output in June than one year previously. With 13.8 and 10.2 percent respectively, pharmaceutical products and transport equipment showed the highest output figures. The chemical industry was the only branch to show output decline relative to June 2014.
Altogether, the branches referred to in the above graph account for nearly 70 percent of total manufacturing output.
Upward trend since summer of 2014
Figures adjusted for seasonal variation and calendar effects provide a more reliable picture of short-term output developments. From May to June 2015, manufacturing output fell by 0.3 percent.
Manufacturing output adjusted for seasonal variation shows an irregular pattern. There have been many ups and downs, but since the summer of 2014, the trend has been upward.
Positive mood among Dutch manufacturers in July
Although the mood among Dutch manufacturers was less positive in July than in June, producer confidence is still considerably above its long-term average over the past two decades. The decline recorded in July is largely due to the fact that Dutch manufacturers are slightly less positive about their output over the next 3 months. In June, producer confidence reached the highest level in more than 4 years.
The mood among German manufacturers has improved in July compared to June. In April, German producer confidence reached the highest level in 2015 so far. Germany is an important foreign market for Dutch manufacturing industry.
Source, StatLine:
For more information on economic indicators, see the Economic Monitor.