Slovakia: Industrial production accelerates further in May
July 8, 2011
In May, industrial output expanded 10.7% over the same month last year, up from the 8.3% increase tallied in April. Traditionally, output growth in transport equipment, which rose 33.2% year-on-year, had the largest impact on industrial production due to the automotive industry's high penetration in the Slovak economy. On a month-on-month basis, industrial production increased a seasonally adjusted 2.4% over the previous month (April: 0.0% month-on-month), hence confirming the acceleration implied by the annual figures. However, annual average growth dropped from 15.8% in April to 14.5% in May, continuing along the downward trend that began in January 2011.