Dutch Manufacturing Growth Eases in October

The Nevi Netherlands Manufacturing PMI eased to 55.0 in October 2026, following a four-month high of 55.6 in September. Growth in output and new orders moderated, although both remained strong, while export order growth also softened to around its long-run trend. Output expansion remained among the strongest since early 2022, led by intermediate goods producers. Employment growth eased but remained above its historical norm, while backlogs of work increased for a sixth consecutive month. Purchasing activity expanded at a slower pace as manufacturers sharply increased stocks of purchases amid worsening supply-chain conditions. Supplier delivery times also lengthened at the fastest pace in three months, reflecting material shortages, low river water levels and Middle East-related disruptions. On prices, input cost and output price inflation accelerated to their highest rates in three months. Business confidence also weakened slightly but remained above trend.

The Nevi Netherlands Manufacturing PMI climbed to 55.6 in September 2026, picking up from a five-month low of 53.8 in the previous month. It marked the highest reading since May, driven by the fastest growth in new orders since that month amid firmer market demand conditions. In response, manufacturers accelerated production, with output expanding at its fastest pace since January 2022. On the pricing front, input cost inflation accelerated from the previous month and remained elevated by historical standards, while output charges continued to rise at a quicker pace, suggesting firms retained some pricing power amid stronger demand conditions. Looking ahead, business confidence improved to its joint-highest level since February 2025. Manufacturers cited the launch of new projects and expectations of stronger semiconductor-related orders as key factors underpinning their optimism for the year ahead.

The Nevi Netherlands Manufacturing PMI fell slightly to 53.8 in August 2026 from 54.4 in July, marking its lowest level since March. Growth in both output and new orders moderated during the month, although both remained elevated by historical standards. A strong rise in export sales, the most marked in more than four years, helped cushion the slowdown in total order-book growth. Employment declined for the first time in four months, largely reflecting voluntary staff departures that were not replaced, while outstanding workloads increased for a fourth month. Purchasing activity growth slowed to its weakest pace since March, while input lead times lengthened again, amid ongoing disruptions from the Middle East conflict. Meanwhile, both input and charge inflation eased to their lowest levels since February. Lastly, manufacturers remained optimistic about future growth, but the level of confidence weakened from July’s seven-month high and slipped below its long-run average.