Slovak annual industrial output growth speeds up to 2.2% in April 2013

By bne IntelliNews June 10, 2013

Slovakia's industrial output growth accelerated to 2.2% y/y in April 2013 from a revised 1.3% in March, as car production showed some recovery, the country's statistics office said. The output of the industry’s main growth driver, the auto manufacturing sector, grew 4.7% y/y in April, speeding from a 2.7% rise in the previous month.

Auto manufacturing is the major driving force of the Slovak economy, with the country being home to three big car assembling plants run by Germany's Volkswagen, South Korea's Kia Motors and France's PSA Peugeot Citroen.

Another engine of Slovakia's economy, electronics production at plants run by South Korea's Samsung and Taiwan's Foxconn, grew 1.5% y/y in April, slowing from a 3.1% annual rise in March.

On a seasonally adjusted monthly basis, Slovakia's industrial output fell by 1.9% m/m in April, following a 0.3% m/m growth in the previous month.

For the first four months of the year, the industrial production increased by 2.7% y/y.

IntelliNews comment: Despite the slight recovery, Slovakia’s industrial output growth has remained significantly below its last year levels. We anticipate industrial production to remain subdued in the near term in line with muted demand from the eurozone, which is Slovakia’s main trading partner. Moreover, car production, which jumped by 26% last year, is expected to be mostly flat this year, as no new capacities are planned to be launched. Slovakia’s export-driven economy is expected to expand by less than 1% this year, slowing from a 2% growth in 2012.

y/y change April-13 March-13 April-12 Jan-April 2013 2012
INDUSTRIAL OUTPUT 2.2% 1.3% 10.3% 2.7% 8.1%
Mining 2.6% -4.1% -3.9% -3.0% -3.1%
Manufacturing 2.2% 1.6% 14.7% 2.8% 11.6%
--food, beverages and tobacco -0.1% 2.1% -7.4% 0.7% -1.1%
--textiles, apparel, leather and related products 27.1% 21.3% 14.2% 22.0% 17.9%
--wood and paper products, printing -3.1% -3.5% -3.3% -0.8% 0.2%
--coke and refined petroleum products 8.4% 2.3% -20.1% -4.2% -10.3%
--chemicals and chemical products 7.3% -7.3% -17.2% -4.7% -4.6%
--pharmaceuticals, medicinal chemical and botanical products -52.0% -65.8% -19.0% -40.7% -11.0%
--rubber, plastics and other non-metallic mineral products 0.2% -3.8% 5.8% -1.6% 1.8%
--basic and fabricated metal products, except machinery and equipment -0.3% 3.7% 13.7% 2.0% 6.2%
--computers, electronics and optics 1.5% 3.1% 4.0% -5.2% 17.3%
--electrical equipment 32.8% 13.7% 18.0% 32.6% 10.4%
--machinery and equipment -2.1% 2.4% 20.9% 1.3% 12.8%
--transport equipment 4.7% 2.7% 36.0% 7.1% 26.0%
--other manufacturing, repair and installation of machinery and equipment -16.1% -6.1% 15.2% -15.2% 9.9%
Electricity, gas, steam and air conditioning supply 1.6% 0.4% -12.4% 2.4% -9.4%
Source: Statistical Office of the Slovak Republic          

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