Manufacturing output over 4 percent up in February

09/04/2018 15:00
According to Statistics Netherlands (CBS), the average daily output generated by the Dutch manufacturing industry was 4.2 percent up in February compared to the same month last year. The growth rate was lower than in January, when the highest increase in almost 7 years was achieved. For over two years now, manufacturing output has continually been above the level of the same period year-on-year. The strongest growth in February 2018 was seen in the pharmaceutical industry.

 

Strongest production growth in pharmaceutical industry

Output generated by the pharmaceutical industry was over 14 percent up in February relative to the same month in 2017. The industries producing machinery, transport equipment and food products recorded above-average output growth as well. Output generated by the industries producing chemical and electrotechnical products declined relative to February 2017.



Altogether, the industries referred to in the above graph account for approximately 70 percent of total manufacturing output.

Production at high level

A more accurate picture of short-term output developments is obtained when figures are adjusted for seasonal effects and the working-day pattern. After adjustments, a decrease is seen in the manufacturing output in February of 0.2 percent on the previous month. Production in general has been at a historically high level over the past few months.

Adjusted for seasonal variation, manufacturing output shows an irregular pattern with many ups and downs, but since mid-2014, the overall trend has been upward.

Manufacturers slightly less positive

Confidence among Dutch manufacturers stood at 9.5 in March, down from 10.9 in February. However, the confidence indicator remains well above its long-term average over the past two decades.

Germany is an important foreign market for the Dutch manufacturing industry. Confidence among German manufacturers (i.e. the IFO index) dropped in March as well, but remains at a high level. The average daily output generated by the German manufacturing industry was almost 3 percent higher in February year-on-year.

The figures in this publication are provisional and can be adjusted.

Sources

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