Slovakia: Industrial production decelerates further in March
May 12, 2014
Industrial output grew 5.9% over the same month last year in March, which was below the 9.1% expansion tallied in February and represented the lowest gain in seven months. According to the statistical office, March's yearly expansion in total industrial production was driven by an increase in the manufacture of transport and electrical equipment. The overall deceleration compared to February, however, was caused by a reduction in the output of textiles, apparel, leather and related products, as well as in the output of coke and refined petroleum products.
On a monthly basis, industrial production rose 0.2% in seasonally-adjusted terms, which contrasted the 0.2% drop tallied in February. The upward trend continued in March, with annual average growth in industrial production improving from 6.5% in February to 6.9%, which marked the highest value since February 2013.
FocusEconomics Consensus Forecast panelists expect industrial production to increase 6.1% in 2014, which is up 0.1 percentage points from last month's forecast. For next year, the panel sees industrial output expanding 6.0%.
Author: Armando Ciccarelli, Head of Data Solutions