Slovakia: Industrial output hits an almost one-year low in November
January 11, 2013
In November, industrial output expanded 5.2% over the same month the previous year, which was below the 8.1% rise observed in October. In addition, the print undershot market expectations of a 7.8% increase and marked the lowest growth rate since December 2011. According to the Statistical Office of the Slovak Republic (SOSR), industrial output moderated across the board, with mining and quarrying as well as electricity, gas, steam and air conditioning recording contractions. Meanwhile, manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, expanded 23.3% in November (October: +31.5% year-on-year).
On a monthly basis, industrial production declined 1.8% in seasonally adjusted terms, which was, nevertheless, better than the 3.9% drop observed in October. As a result, the trend continues to point upwards, with annual average growth in industrial production rising from 10.5% in October to 10.9% in November.