Slovakia: Industrial production growth slumps to four-month low in December
February 10, 2020
Industrial production plunged 7.1% in December, following November’s 4.4% decline, and thus marking the fifth consecutive month of contracting industrial activity and the fastest contraction since August 2019. December’s dive was chiefly driven by a fall in manufacturing output, particularly in the production of transport equipment, as well as in the utilities supply sector. Meanwhile, the mining and quarrying sector clocked a rise.
After adjusting for seasonal effects, industrial production declined 1.4% in December (November: -0.4% month-on-month, seasonally adjusted).
Meanwhile, annual average growth in industrial output dropped from 1.5% in November to 0.5% in December, marking the lowest reading in over six years.
Author: Hanna Andersson, Economist