Slovakia: Industrial output remains resilient in June
August 9, 2012
In June, industrial output expanded 11.3% over the same month last year, which was a notch above the 11.1% increase observed in May (previously reported: +10.8% year-on-year). According to the Statistical Office of the Slovak Republic (SOSR), the monthly expansion continued to be entirely driven by a resilient manufacturing output, while the mining and quarrying sector as well as the electricity, gas, steam and air conditioning category remained in the red. Meanwhile, the manufacture of transport equipment, which is significant due to the automotive industry's high penetration in the Slovak economy, rose 50.9% in June (May: +55.2% yoy). On a monthly basis, however, industrial production fell 1.4% in seasonally adjusted terms, after expanding 2.2% in May. As a result of the stronger annual growth, the trend is pointing upwards, with annual average growth in industrial production rising from 6.7% in May to 7.2% in June.