Dutch Manufacturing PMI Falls to 8-Month Low

The Nevi Netherlands Manufacturing PMI fell to 50.1 in January 2026 from 51.1 in the previous month, marking the weakest improvement in operating conditions in the current eight-month expansion. The decline reflected the first drop in overall new orders in eight months, driven by softer domestic demand, despite a modest rise in export sales. Nonetheless, manufacturing output and employment edged higher as firms worked through previously secured orders, while backlogs fell at the sharpest pace since February 2025. Manufacturers also cut input purchasing and inventories, with stocks of finished goods declining at the fastest rate in four-and-a-half years. On the price front, inflationary pressures intensified, with input costs rising due to higher metals, plastics, labour, and transport prices, prompting faster increases in selling prices. Finally, business confidence weakened to its lowest level since November 2024, as fragile demand conditions weighed on the twelve-month outlook.

The Nevi Netherlands Manufacturing PMI eased to 51.1 in December 2025 from 51.8 in November, marking the slowest pace of improvement since May. New orders grew at a softer rate, dragged down by weaker export sales, contributing to a slight contraction in output. Meanwhile, employment returned to modest growth and business confidence improved to a 10-month high. Meanwhile, employment returned to modest growth and business confidence improved to a 10-month high. Supply chain pressures intensified as suppliers’ delivery times lengthened to the worst level in over three years, despite broadly unchanged purchasing activity and declining inventories. On the price front, input costs and output charges rose to four-month high, driven mainly by higher energy and wage costs, particularly in the capital goods sector. All manufacturing sub-sectors expanded overall, led by investment goods, pointing to a broader albeit slower upturn at the end of 2025.

The Nevi Netherlands Manufacturing PMI held at 51.8 in November 2025, unchanged from October, marking a sixth consecutive month of expansion. Output and new orders continued to rise, though production growth eased from the previous month. Export sales saw their strongest increase since July, driven by new projects and improved demand for capital goods. Despite firmer order books, firms continued to retrench, employment slipped again, and backlogs fell at the fastest rate since March. Purchasing activity softened after October’s surge, and inventories declined as companies relied on existing stocks. Supplier performance also worsened, with longer delivery times amid staff shortages and low vendor inventories. On the price front, higher energy, wage and material costs rose, pushing input inflation above October’s low. Output charges also rose modestly. Finally, business confidence strengthened to a four-month high, but still below long-term norms amid lingering global demand uncertainty.