Slovakia's industrial output growth ticked down to a still strong 12.2% y/y in December 2013 from 12.6% y/y in November on the back of expanding manufacturing sector, data from the country's statistics office showed.
Manufacturing production grew by 16.5% y/y in December, accelerating from 14.6% annual increase a month earlier. Production increased the most in electrical equipment (+49.6%) and other manufacture, repair and installation of machinery and equipment (+27.9%).
The output of the industry’s main growth driver – the car manufacturing sector – climbed 25.9% y/y in December, quickening from 15.4% y/y 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.
The second most important engine of the Slovak industry, electronics production at plants run by South Korea's Samsung and Taiwan's Foxconn, posted 4.2% y/y growth in December after increasing by a revised 6.2% y/y growth in November.
The utilities sector fell by 6.8% y/y in December after edging down by revised 0.2% y/y in the previous month. The mining industry’s output rose by 7.4% y/y in December, speeding up from a 3.1% y/y increase in November.
On a seasonally adjusted monthly basis, Slovakia's industrial output fell 1.2% in December but improved from a 1.9% contraction in November.
For the full 2013, the industrial production increased by 5.2% y/y.
IntelliNews comment: Slovakia’s industrial output has been growing during 2013 but the growth rates were much lower from the 2012 levels. In November and December the rise was more significant thanks to improved prospects for the eurozone, which is the main trading partner of Slovakia. Car production also posted a strong growth in the last two months of 2013 but as the industry added no new capacities in 2013 and demand was soft, the full-year production’s increase was much lower compared to 2012.
|y/y change||Dec 2013||Nov 2013||Dec 2012||2013||2012|
|--food, beverages and tobacco||6.6%||-3.7%||-6.7%||0.2%||-1.1%|
|--textiles, apparel, leather and related products||4.0%||26.5%||8.8%||24.3%||18.0%|
|--wood and paper products, printing||2.1%||2.0%||0.2%||0.1%||-2.2%|
|--coke and refined petroleum products||-18.1%||-7.7%||-3.3%||-5.0%||-10.1%|
|--chemicals and chemical products||2.1%||-2.0%||7.4%||2.8%||-4.3%|
|--pharmaceuticals, medicinal chemical and botanical products||-38.4%||-44.7%||-13.0%||-43.1%||-10.9%|
|--rubber, plastics and other non-metallic mineral products||14.2%||17.3%||-4.6%||6.1%||1.9%|
|--basic and fabricated metal products, except machinery and equipment||18.8%||19.4%||1.0%||9.1%||6.2%|
|--computers, electronics and optics||4.2%||6.2%||18.1%||-1.1%||16.8%|
|--machinery and equipment||7.9%||6.0%||7.0%||3.2%||12.9%|
|--other manufacturing, repair and installation of machinery and equipment||27.9%||11.3%||-13.5%||1.7%||9.4%|
|Electricity, gas, steam and air conditioning supply||-6.8%||-0.2%||-18.3%||-2.5%||-9.5%|
|Source: Statistical Office of the Slovak Republic|
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