In July, the average daily output of the Dutch manufacturing industry was nearly 3 percent down on twelve months previously and considerably lower than in the first six months of this year, when it increased by an average of 1 percent. Compared to July 2007, output decreased in all branches of industry.
The July output figure has a higher degree of uncertainty than the figures for the other months. This is mainly caused by shifting holiday patterns. Final conclusions regarding production can only be drawn after the figure for August has been published.
Seasonally adjusted figures provide a more reliable picture of short-term production developments. Monthly figures not adjusted for seasonal effects are often somewhat erratic.
Therefore, the two-monthly average compared with the previous two-monthly average is a more accurate indicator. After correction for seasonal effects and the number of working days, manufacturing output was fractionally lower in June-July than in the period April-March.
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