Manufacturing output almost 3 percent down in January
|maand||change (year-on-year % change)|
Contraction in most industries
Approximately 3 out of 5 manufacturing industries saw their output decrease in January year on year. As in the previous months, the chemical industry recorded the strongest decline among the larger industries.
|Category||change (year-on-year % change)|
|Repair and installation of machinery||9.7|
|Electrical and electronics||2.2|
|Rubber and plastic products||-13.2|
|Altogether, the industries referred to in the above graph account for approximately 75 percent of the total manufacturing output|
Output fell in January
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 3.3-percent decrease is seen in manufacturing output from December to January.
Adjusted for seasonal and working-day effects, manufacturing output is seen to fluctuate significantly. In the spring of 2020, output declined rapidly and a low point was reached in May 2020. After that, output picked up again, until May 2022. The trend has reversed since then and in January 2023, output was at its lowest level since October 2021.
Producer confidence hardly changed
Confidence among Dutch manufacturers hardly changed in February 2023. Producer confidence increased from 3.6 in January to 3.7 in February. This is due to the fact that manufacturers were somewhat less negative about their stocks of finished products.
Germany is an important market for the Dutch manufacturing industry. In February, German entrepreneurs again showed improved confidence, according to the Business Climate Index of the IFO Institute. They were less negative about their future situation, but also slightly less positive about the current situation. The average daily output generated by the German manufacturing industry was down by 0.9 percent year on year in January, as reported by Destatis.
- Dossier - Business cycle