Slovakia: Industrial output drops for the first time in more than three years
February 8, 2013
In December, industrial output fell 4.4% over the same month the previous year, which contrasted the 5.2% rise observed in November. The print marks the first negative reading since October 2009. According to the Statistical Office of the Slovak Republic (SOSR), industrial output decreased as a result of a drop in the production of investment and non-durable consumer goods as well as in durable consumer products. Particularly, the manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, fell 10.0% in December (November: +23.3% year-on-year).
On a monthly basis, industrial production also declined 4.4% in seasonally adjusted terms, which represents a deterioration over the 1.9% drop observed in November. As a result, the trend shifted downwards, with annual average growth in industrial production dropping from 10.9% in November to 10.3% in December.