Slovakia: Growth in industrial production drops markedly in September
November 11, 2016
In September, Slovakian industrial production grew 3.9% over the same month last year. The reading followed the revised massive 17.2% expansion in August (previously reported: +17.5% year-on-year). According to the Statistical Institute, September’s reading was driven by a rise in all three components of the index: manufacturing; electricity, gas, steam and air-conditioning supply; and mining and quarrying. While September’s print seems disappointing compared to August’s sharp rise, the latter had reflected a base effect, since holidays in the car manufacturing sector took place in July this year, while last year they took place in August.
On a monthly basis, industrial production also rose 3.9% in seasonally-adjusted terms in September. The print followed the substantial 28.2% expansion registered in August. Due to September’s milder figure, annual average growth in industrial production edged down from 4.4% in August to 4.1%.
Author: Luis Lopez Vivas, Economist