Slovakia: Industrial output reaches a near two-year high in July
September 10, 2012
In July, industrial output expanded 18.5% over the same month last year, which was well above the robust 13.0% rise observed in June (previously reported: +11.3% year-on-year) and represented, in fact, the strongest expansion seen since December 2010. According to the Statistical Office of the Slovak Republic (SOSR), the monthly expansion continued to be entirely driven by resilient manufacturing output, while the mining and quarrying sector as well as the electricity, gas, steam and air conditioning category remained in the red. Meanwhile, the manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, surged 83.9% in July (June: +53.2% yoy). On a monthly basis, industrial production expanded 1.5% in seasonally adjusted terms, which contrasted the 1.0% contraction recorded in June. As a result of the stronger annual expansion in July, the trend continues to point upwards, with annual average growth in industrial production rising from 7.6% in June to 8.9%.