Manufacturing output 2 percent down in February
|maand||change (year-on-year % change)|
Growth in most industries
Although the output of total manufacturing shrank, approximately 3 out of 5 manufacturing industries saw their output increase in February year on year. Among the larger industries, the transport equipment industry recorded the sharpest increase, just as in January. As in the previous months, the chemical industry saw the largest contraction.
|Category||change (year-on-year % change)|
|Repair and installation of machinery||8.7|
|Electrical and electronics||0.3|
|Rubber and plastic products||-11.7|
|Altogether, the industries referred to in the above graph account for approximately 75 percent of the total manufacturing output|
Output rose slightly in February
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, manufacturing output rose by 0.4 percent between January and February.
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.
Producer confidence slightly up
Producer confidence among Dutch manufacturers improved in March 2023. This is due to the fact that manufacturers were more positive about future output and less negative about their stocks of finished products.
Germany is an important market for the Dutch manufacturing industry. In March, German entrepreneurs again showed improved confidence, according to the Business Climate Index of the IFO Institute. They were less negative about their future situation and more positive about the current situation. The average daily output generated by the German manufacturing industry was up by 1.7 percent year on year in February, as reported by Destatis.
- Dossier - Business cycle