Netherlands: Manufacturing output 16.5 percent up in May
Output was up by 13.1 percent in the previous month. In May, manufacturing output was at its highest level ever. Compared to May 2019, growth stood at 3 percent. This made up for the loss in May 2020 due to the coronavirus crisis.
In May, almost all industries saw their output increase on an annual basis. Of the larger industries, the machinery industry achieved the highest growth.
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, an increase of 1.4 percent is seen in manufacturing output between April and May 2021.
Adjusted for seasonal and working-day effects, manufacturing output is seen to fluctuate significantly. From mid-2014 until the beginning of 2018, the overall trend was upward. Subsequently, the trend has been downward. A low point was reached in May 2020. After that, output picked up again. In May, it was at its highest level ever.
In June 2021, the mood among Dutch manufacturers improved again. Producer confidence stood at the highest level since the survey started in 1985.
Germany is an important foreign market for the Dutch manufacturing industry. In June, German producer confidence improved again according to the Business Climate Index of the IFO Institute and reached the highest level since April 2018. Companies reported improved business, but optimism declined with regard to expectations. In May, the average daily output generated by the German manufacturing industry grew by almost 21 percent year-on-year, as reported by Destatis. Compared to May 2019, however, output was still more than 7 percent lower. ■