Producer confidence improves in April

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© Hollandse Hoogte / Frank Muller / Zorginbeeld
In April 2022, the mood among Dutch manufacturers is more positive. Producer confidence has improved from 8.7 in March to 10.8 in April, as reported today by Statistics Netherlands (CBS). Manufacturers are more positive about their future output in particular.

The long-term average over the past two decades stands at 0.9. Producer confidence reached an all-time high (12.7) in November 2021 and an all-time low (-28.7) in April 2020.

Producer confidence manufacturing industry (seasonally adjusted)
yearmonthbalance (average of the component questions)
2018May9.8
2018June7.7
2018July6.3
2018August5.9
2018September5.7
2018October5.9
2018November7.2
2018December7.5
2019January5.8
2019February6.3
2019March6.1
2019April6.7
2019May4.7
2019Juni3.3
2019Juli 3.9
2019August3.9
2019September3.3
2019October3.6
2019November2.8
2019December2.9
2020January2.5
2020February3.7
2020March0.2
2020April-28.7
2020May-25.1
2020June-15.1
2020July-8.7
2020August-5.4
2020September-4.8
2020October-5.6
2020November-3.8
2020December-0.4
2021January0.6
2021February0.1
2021March3.4
2021April6.5
2021May8.8
2021June11.5
2021July12.3
2021August9.6
2021September11.1
2021October12.3
2021November12.7
2021December10.2
2022January9
2022February8.5
2022March8.7
2022April10.8

Manufacturers more positive about future output

In April, manufacturers are more positive about their future output. Opinions on their order positions and their stocks of finished product were also more positive compared to the previous month.

All three component indicators of producer confidence are positive. Manufacturers who anticipate output to increase over the next three months outnumber those expecting a decrease. More manufacturers consider their order position to be strong rather than weak, given the time of year. There are fewer manufacturers who define their current stocks of finished products as too large rather than too small.

Confidence highest in electrotechnical and machinery industry

As of April, confidence has grown in almost all manufacturing industries. Confidence is highest in the electrotechnical and machinery industry.

Producer confidence by sector (seasonally adjusted)
 April 2022 (average of the component questions)March 2022 (average of the component questions)
Electrotechnical products and machinery22.817
Timber and building materials16.919.1
Transport equipment15.114.7
Textiles, clothes, leather14.611
Paper and printing8.28.8
Food, beverages, tobacco7.87.3
Metal6.72.3
Petroleum6.65.7

Capacity utilisation rate higher

The industrial capacity utilisation rate stood at 84.2 percent at the start of Q2 2022. This is higher than in the previous quarter, when the rate was 83.6 percent and also higher than one year previously.

At the start of Q2 2022, more than a third of the manufacturers indicated that they were hampered by a shortage of production resources, materials and space. That share has never been so high.

Capacity utilisation rate, first month of the quarter
   Capacity utilisation rate (%) (%)
2018Quarter 384.5
2018Quarter 484.1
2019Quarter 183.9
2019Quarter 284.3
2019Quarter 384.3
2019Quarter 484
2020Quarter 182.7
2020Quarter 274.2
2020Quarter 376.9
2020Quarter 479.2
2021Quarter 180
2021Quarter 281.7
2021Quarter 384.1
2021Quarter 483.8
2022Quarter 183.6
2022Quarter 284.2

Manufacturing output over 10 percent up in February

In February 2022, the average daily output generated by the Dutch manufacturing industry was up by 10.2 percent on February 2021. Output grew by 7.4 percent in the previous month.

Producer confidence in Germany slightly less negative

Germany is an important foreign market for the Dutch manufacturing industry. In April, German producer confidence according to the Business Climate Index of the IFO Institute climbed again after the plunge it took in the previous month. Companies are somewhat less pessimistic about the coming months. In contrast, they are somewhat less satisfied with their current situations. In February, the average daily output generated by the German manufacturing industry rose by 1.4 percent year on year, as reported by Destatis.