Industrial output deteriorates in May

Industrial production was flat year on year in May (April: +6.2% yoy). Looking at the details of the release, manufacturing production decreased in May. Moreover, energy supply output lost momentum. That said, the mining sector contracted at a softer pace. Meanwhile, annual average of industrial production was 2.0% in May, matching April's reading. Lastly, the industry sector dropped 1.4% in seasonally adjusted month-on-month terms in May, deteriorating from April’s 3.3% increase.

Erste Bank’s Matej Hornak commented: “Slovak industry has been experiencing significant fluctuations in recent months, indicating that the situation is seeking a fragile balance. The positive news is that the expectations of Slovak industrialists are gradually improving. An increasing share of companies expect positive developments in their production, and the level of orders is also improving. On the other hand, companies still report having spare production capacity due to weaker demand.”

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