Slovakia: Industrial production remains buoyant in October
December 8, 2010
In October, industrial output added 13.4% over the same month last year, which was virtually unchanged compared to the 13.3% expansion recorded in September. The October expansion was driven by manufacturing, which accounts for the bulk of industrial production. Manufacturing grew 13.5% over the same month last year (September: +12.4% year-on-year). The expansion mainly reflected strong growth in the production of automobiles, electronics and machinery. Moreover, electricity, gas, steam and air conditioning expanded 15.3% in October (September: +24.8% yoy). Mining and quarrying remained in recession and contracted 3.4% over the same month last year (September: -6.4% yoy). That said, a month-on-month analysis corroborates the resilient growth implied by the annual figures, as industrial production added 5.0% over the previous month in seasonally adjusted terms (September: +12.5% mom). Moreover, the overall trend continues to improve, with annual average variation in industrial production jumping from 15.5% in September to 17.2% in October.