Slovakia: Industrial output expands at fastest pace since May 2022 in March
Industrial output grew 2.6% in year-on-year terms in March, which contrasted with February’s 4.7% decrease. March’s figure marked the best reading since May 2022. The notable pickup was largely due to a significant rebound in manufacturing production. The key sector of Slovak industry—transport equipment manufacturing—rose at a significantly sharper pace. Mining and energy data are yet to be published, most likely due to confidentiality and reliability issues.
On a seasonally adjusted monthly basis, industrial production rose at the softer pace of 1.7% in March (February: +3.4% mom). Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at minus 3.9% in March, up from February’s minus 4.8%.
On the outlook for industrial output, Matej Hornak, analyst at Erste Group, commented:
“Although the supply-chain issues have gradually been fading out, slowing global economic activity could put some pressure on Slovak companies in the coming months.”