Despite the Iran war, industry growth is picking up again
中文标题
尽管伊朗战争持续，行业增长再次回升
Core conclusion · Tlines extraction
Nevi Dutch Manufacturing PMI rose from 53.8 to 55.6 in September, with output at its best since January 2022. Demand keeps growing despite the Iran war and high energy prices, helped by AI and defence spending, a stronger Eurozone, German buyers and chip demand from Taiwan, Japan and South Korea. Dutch industry gains mainly through chip machines and components, a recovery in other machinery, some defence supply, and high refining margins from the closed Strait of Hormuz and strikes on Russian refineries.
- Institution
- ABN AMRO Research
- Published
- 10/01/2026
- Research topic
- Not explicitly stated
- Time horizon
- Not explicitly stated
Key arguments
- Dutch manufacturing conditions improved further in September, with PMI at 55.6 and output the strongest since January 2022.
- Demand is still rising despite the Iran war and high energy prices, lifted by AI investment and defence spending.
- Germany, Taiwan, Japan and South Korea drive industrial growth; the Netherlands benefits mainly via chip machines and components.
- Dutch refining gains from high margins linked to the effective closure of the Strait of Hormuz and Ukrainian strikes on Russian refineries.
Key numbers
- Nevi Dutch Manufacturing PMI, September
- 55.6
- Previous PMI reading
- 53.8
- Output component, highest since
- January 2022
- Eurozone manufacturing growth
- Strongest in more than four years
- Netherlands refining capacity
- Largest in Europe
Main risks
- The Iran war and high energy prices could undermine demand.
- Sustained inflation or a stronger-than-expected growth slowdown could limit orders.
- Dutch direct benefit from defence demand is limited.
Corresponding source evidence
Conditions for the Dutch manufacturing sector have further improved, according to the Nevi Dutch Manufacturing PMI, which rose from 53.8 to 55.6 in September.
Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.
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AI analysis
How this page was produced
Tlines extracted the conclusion, arguments, numbers and risks above from the report published by ABN AMRO Research on 10/01/2026, then structured them for comparison. The publisher's own wording is reachable through the source link on this page and is displayed in full above. Last updated 10/17/2026. Methodology · Source policy · AI usage · Request a correction