Producers' confidence plummets across EU

Dutch manufacturers’ confidence has been knocked off its feet in the last two months. Manufacturing companies in nearly all countries of the EU have become much more sombre about their prospects. In October 2008 confidence in the manufacturing industry in the EU dropped to its lowest level for seven years.

Changes in producers’ confidence. European definition 1)

Manufacturers gloomier

Producers’ confidence in the Netherlands was 10 points lower in October than in August. Manufacturers in nearly all countries in the EU have become much less confident. On average confidence in the European Union was  9 points lower in October than in August. The mood deteriorated most in Slovakia, Portugal and the Czech Republic.

Confidence higher in the Netherlands than in the EU

Although in the Netherlands producers’ confidence fell by more than the European indicator, the mood in the Dutch manufacturing industry is still better than average in the EU. Producers’ confidence in the Netherlands was –9; in the EU it was –19, the lowest level for seven years. Within the EU, manufacturers in Luxembourg, Spain and the United kingdom were the gloomiest.  Producers’ confidence was highest in Bulgaria, Cyprus and Rumania.

Producers’ confidence, European definition

Wouter Jonkers