Turnover in the Dutch manufacturing industry was 4 percent lower in the first six months of 2002 than in the corresponding period in the previous year.
According to figures from Statistics Netherlands, the drop in manufacturing turnover was almost entirely caused by lower selling prices. Although selling prices tend to rise since January 2002, the price level was still lower in the first six months of 2002 than in the first six months of 2001. Preliminary figures indicate that domestic turnover as well as turnover from exports were 4 percent down. In June 2002, manufacturing turnover was 5 percent lower than in June 2001. Manufacturers do not expect production to increase in the third quarter, according to Statistics Netherlandsâ€™ business sentiment survey.
Quarterly decrease levelling out
The second quarter of 2002 was the fourth quarter in a row to show a lower turnover than the corresponding quarter in the previous year. The decrease in manufacturing turnover reached its lowest point in the fourth quarter of 2001, when sales dropped by 8 percent compared to the last quarter of 2000 and prices fell by 4.9 percent. In the first quarter of 2002, sales dropped by 5 percent.
On average, selling prices were 3.5 percent lower than in the same quarter of the previous year. This trend could also be observed in the second quarter, when turnover fell by 3 percent and selling prices were 3.3 percent lower than in in the second quarter of the previous year.
Manufacturing turnover 5 percent down in June
Manufacturing turnover was 5 percent lower in June 2002 than in the same month of 2001. Lower selling prices (-3.8 percent) largely accounted for the drop in turnover. The turnover on the export market fell by 6 percent, selling prices by 4.9 percent.
Manufacturing turnover in the Netherlands fell by 4 percent, selling prices by 2.2 percent. All sectors of manufacturing industry had a lower turnover in June 2002 than in June 2001. The most substantial drop in turnover was in the sector petroleum, chemical products, rubber and plastic products.
(source: Statistics Netherlands)