Slovak industrial output growth accelerates to 6.1% y/y in May 2014

By bne IntelliNews July 10, 2014

Slovakia's industrial output growth accelerated to 6.1% y/y in May 2014 from 5% a month earlier supported by rising mining production, data from the country's statistics office showed on July 10.

Manufacturing production also increased by 6.1% y/y in May, cooling from a 6.8% y/y expansion the month before. Production increased the most in electrical equipment (+28.7%), basic and fabricated metal products, except machinery and equipment (+15.2%) and repair and installation of machinery and equipment (+14.4%).

The output in the car manufacturing sector, the industry’s main growth driver, rose by 6.7% y/y in May, accelerating from a revised 5.9% annual growth in April. Slovakia is home to three big car assembling plants run by Germany's Volkswagen, South Korea's Kia Motors and France's PSA Peugeot Citroen.

The second most important driving force of the Slovak industry, the electronics production, posted a 4% y/y rise in May, improving from a 0.8% annual drop in April. Slovakia is home to plants run by South Korea's Samsung and Taiwan's Foxconn

The utilities sector increased by 6.8% y/y in May after decreasing by a revised 6.5% y/y in the previous month. The mining industry’s output grew by 1.9% y/y in May after posting an annual 7% decrease in the previous month.

On a seasonally adjusted monthly basis, Slovakia's industrial output grew by 0.7% in May after edging up 0.6% in April.

In the first five months of the year, the country's industrial production increased by 6.8% y/y.

IntelliNews comment: We expect Slovakia’s industrial output to continue its upward trend in the months to come supported by plans of the country's car makers to expand their production capacities. In particular, Germany’s Volkswagen may start producing its Lamborghini Urus SUV model in Slovakia and its Bratislava plant will produce completely the Porsche Cayenne model as of 2017. Improving prospects for the eurozone, the country's main trading partner, as well as stronger domestic consumption should also support the growth. 

y/y change May 2014 April  2014 May 2013 Jan-May 2014 2013
INDUSTRIAL OUTPUT 6.1% 5.0% 2.4% 6.8% 5.3%
Mining 1.9% -7.0% 7.3% -1.4% -1.1%
Manufacturing 6.1% 6.8% 2.6% 8.3% 6.6%
--food, beverages and tobacco -6.0% 4.7% 2.8% -1.5% 0.3%
--textiles, apparel, leather and related products -9.2% -10.8% 25.0% -11.3% 24.6%
--wood and paper products, printing -4.7% -1.9% 3.5% 0.9% 0.1%
--coke and refined petroleum products -30.0% -24.4% 56.9% -14.5% -4.6%
--chemicals and chemical products -9.5% 15.9% 22.2% -3.4% 3.7%
--pharmaceuticals, medicinal chemical and botanical products -7.9% -2.0% -52.7% -12.6% -43.9%
--rubber, plastics and other non-metallic mineral products 5.3% 11.6% 5.6% 10.0% 6.7%
--basic and fabricated metal products, except machinery and equipment 15.2% 12.4% -1.1% 11.5% 9.9%
--computers, electronics and optics 4.0% -0.8% -8.4% 5.1% -2.3%
--electrical equipment 28.7% 9.4% 22.1% 22.8% 43.5%
--machinery and equipment 5.1% 9.4% 2.8% 8.0% 3.5%
--transport equipment 6.7% 5.9% 2.4% 10.1% 6.5%
--other manufacturing, repair and installation of machinery and equipment 14.4% 24.5% -16.5% 17.5% 3.0%
Electricity, gas, steam and air conditioning supply 6.8% -6.5% 0.5% -2.1% -2.7%

 

Related Articles

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Poland secures key permit for gas link with Slovakia

Polish state-owned gas grid operator Gaz-System has secured an environmental permit for the construction of a gas pipeline that will be part of a planned gas link with Slovakia, Gaz-System announced ... more

Labour shortage taking on crisis proportions, warns Slovak PM

The growing labour shortage bears the hallmarks of a crisis, Slovak Prime Minister Robert Fico said on April 4. While keen to boast of the health of the economy under his continued watch, Fico was ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss