Slovakia: Industrial output slows notably in November
January 10, 2012
In November, industrial output expanded a meagre 0.4% over the same month the year before, which was well below the 7.7% increase observed in October. According to the Statistical Office of the Slovak Republic (SOSR) the reading was mostly affected by a decrease in the manufacture of both electronics and pharmaceutical products. The manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, rose only 0.8% over the same month last year. On a monthly basis, industrial production declined a seasonally adjusted 2.4% over the previous month, which contrasted the 0.8% increase tallied in October. Annual average growth fell from 9.9% in October to 8.3% in November, continuing the downward trend in place since January 2011.