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Slovakia Industrial production April 2023

Slovakia: Industrial activity dips in April

Industrial output slid 2.0% in year-on-year terms in April, which contrasted March’s 2.6% increase. The figure was largely driven by a deterioration in manufacturing output. Meanwhile, data for the mining and energy sectors remained unpublished in the Statistical Office’s database for the seventh consecutive month, potentially due to confidentiality and reliability issues. That said, the latest press release mentions that energy output fell 4.0% in annual terms.

On a monthly basis, factory output declined 1.3% in seasonally adjusted terms in April, contrasting March’s 1.7% expansion. Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at minus 3.3%, up from March’s minus 3.9% reading.

On the outlook for industrial output, Matej Hornak, analyst at Erste Group, commented:

“In the last months, we have seen some easing in the supply chain issues, which – according to a survey among companies – are not as concerning as in the previous months. On the other side, the Slovak industrial sector is more worried about the demand side due to a slowdown in the global economy. We expect some positive impetus to come in the second half of this year.”

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