Netherlands: Industrial output rebounds in October
December 10, 2010
In October, industrial production expanded 3.1% over the previous month in seasonally adjusted terms, contrasting the revised 2.0% drop observed in September (previously reported: -1.9% month-on-month). October's acceleration was mainly driven by greater dynamism in all categories of industrial production, with the exception of public utilities. Manufacturing, which accounts for the bulk of industrial production, grew 0.4% over the previous month (September: -1.1% month-on-month). In addition, mining and quarrying swung from a 6.6% contraction in September to an 11.5% expansion in October. Finally, public utilities expanded 6.9%, slowing after the 7.8% increase recorded in September. On an annual basis, industrial production expanded 3.8%, which was down from the 4.1% increase registered in September. As a result of the October reading, the trend continues to point upwards, with annual average growth in industrial production jumping from 5.1% in September to 6.2%. The Central Bank expects the economy to grow 1.2% in 2010. Next year, monetary authorities see growth picking up to 1.9%.