Slovakia: Industrial output maintains pace in July
September 8, 2011
In July, industrial output expanded 5.0% over the same month last year, which mirrored the growth rate tallied in June. Output growth in the manufacture of machinery and equipment, which rose 33.1% year-on-year, had the greatest impact on industrial production. Furthermore, manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, slowed to 4.2%. A month-on-month comparison, however, points to a sharper deterioration than the steady reading suggested by the annual figures, as industrial production contracted a seasonally adjusted 3.4% over the previous month (June: -2.2% month-on-month). Annual average growth fell from 12.7% in June to 11.9% in July, continuing along the downward trend that began in January 2011.