The daily output of Dutch manufacturing rose for the fourth month in a row. Average daily output was 17.9% higher in June than in the same month a year earlier. This is the highest level ever in June.
This is shown by figures from CBS. The increase is in line with previous months. In May, CBS already recorded a 16.4% growth in the average daily output of Dutch manufacturing, while in April it was 13.3%. In March, the tide turned and CBS recorded 3.3% growth. A month earlier, average daily output was still down 2%.
CBS points out that average daily output in June 2021 increased by 17.9% compared to June 2020, and by more than 7% compared to June 2019. "This more than made up for the loss suffered in June 2020 due to the corona crisis," the agency concludes in a news release.
Machine industry grows exceptionally fast
The machinery industry recorded exceptionally high growth, leaving other segments far behind. The segment recorded 68% growth. In comparison, average daily output of electrical and electronic appliances was the second fastest riser, rising 23.2%. Metal products followed at 15.8%.
Short-term development
CBS says that seasonally and working-day adjusted figures are the best way to determine the short-term trend in production. From May to June 2021, production increased by 4.4%.
The agency points out that production adjusted for seasonal and working-day effects usually fluctuates considerably, with decreases and increases following each other in quick succession. For instance, production contracted rapidly in spring 2020, before bottoming out in May 2020. Thereafter, an upward trend started and production was even at its highest level ever in June 2021. What ties in with this is producer confidence; it was at its highest level since the survey began in 1985.
German manufacturers are less positive. Especially as entrepreneurs were less positive about expected activity in July. However, they are more positive about current activity. For instance, the average daily output of German industry grew by almost 7% compared to a year earlier, according to figures from Destatis. Relative to June 2019, however, output is still almost 8% lower.
Author: Wouter Hoeffnagel
