Slovakia: Industrial production slows markedly
August 9, 2011
In June, industrial output expanded 4.9% over the same month last year, which marked the slowest pace since November 2009 and was well below the 10.7% increase tallied in May. Output growth in transport equipment, which rose 30.5% year-on-year, traditionally had the greatest impact on industrial production, due to the automotive industry's high penetration in the Slovak economy. On a month-on-month basis, industrial production contracted a seasonally adjusted 2.2% over the previous month (May: +2.3% month-on-month), confirming the deceleration implied by the annual figures. Consequently, annual average growth fell from 14.4% in May to 12.8% in June, continuing along the downward trend that began in January 2011.