Slovakia: Industrial output maintains pace in May
July 10, 2012
In May, industrial output expanded 10.8% over the same month last year, which was a notch below the 10.9% increase observed in April. According to the Statistical Office of the Slovak Republic (SOSR), the monthly expansion was entirely driven by a strong rise in manufacturing output, while the mining and quarrying sector as well as the electricity, gas, steam and air conditioning category contracted. Meanwhile, the manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, rose 55.2% in May (April: +55.6% year-on-year). On a monthly basis, industrial production rose a healthy 2.2% in seasonally adjusted terms, after expanding a softer 0.4% in April. As a result of the slower annual growth, the trend is pointing downwards, with annual average growth in industrial production inching down from 6.7% in April to 6.6% in May.