Slovakia: Industrial production expands for the third straight month
February 8, 2011
In December, industrial output expanded 19.7% over the same month last year, accelerating over the 17.3% increase recorded in November. The December expansion was led by electricity, gas, steam and air-conditioning supply, which accelerated strongly, rising 24.4% over the same month last year (November: +12.5% year-on-year). Moreover, manufacturing grew 19.4% (November: +18.4% yoy) on the back of strong growth in the manufacture of transport equipment. In contrast, mining and quarrying decreased 4.8% (November: +0.2% yoy). A month-on-month analysis points to less buoyant growth than implied by the annual figures, as industrial production added only 0.4% in seasonally adjusted terms over the previous month (November: +3.7% mom). However, the overall trend continues to improve, with the annual average variation in industrial production jumping from 18.4% in November to 19.0% in December. The result was a marked improvement over 2009, when industrial production contracted 13.7%.