Industrial activity in the Netherlands picked up modestly in February, according to Nevi’s latest survey. The improvement came before recent geopolitical tensions, which may influence future outlooks.
Production increased at its fastest pace in three months, and confidence in the outlook for the year ahead rose sharply. Employment also continued to grow. However, new orders declined due to weaker demand from abroad. Although the fall in foreign sales was limited, it was the largest in almost a year.
The Nevi Purchasing Managers’ Index, which reflects overall business activity, reached 50.8 in February, matching the 2025 average. In January, the index stood at 50.1. A reading of 50 or above indicates growth, while a level below 50 signals contraction.
Economist Albert Jan Swart of ABN AMRO said the US and Israeli airstrikes on Iran are creating uncertainty, as energy prices could rise sharply due to the conflict in the Middle East. European gas prices, for example, increased sharply on Monday morning.
Swart added that the drop in foreign demand in February is likely temporary, as international conditions appear to be improving. European industry may be starting to recover after years of weakness triggered by the Ukraine‑related energy crisis and rising interest rates. He also highlighted early benefits from major defence spending, with German and Dutch firms placing substantial equipment orders with local manufacturers.
