Slovak industrial output growth slows to 1.1% y/y in Feb 2013

By bne IntelliNews April 11, 2013

Slovakia's industrial output growth slowed down to 1.1% in February 2013 from a revised 3.1% in January, as car production growth dropped sharply, data from the country's statistics office showed. The output of the industry’s main growth driver, the auto manufacturing sector, grew 8.3% y/y in February, decelerating from a 15.1% 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, fell 4.6% in February following a 22.1% annual drop in January.

On a seasonally adjusted monthly basis, Slovakia's industrial output fell by 0.5% m/m in February, following a 1.9% m/m growth in January.

Slovakia’s industrial output growth slowed down in February, as expected, after a surprising growth in January. 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 around 1% this year, slowing from a 2% growth in 2012.

y/y change Feb-13 Jan-13 Feb-12 Jan-Feb 2013 2012
INDUSTRIAL OUTPUT 1.1% 3.1% 7.1% 2.1% 8.1%
Mining -10.1% 0.3% 15.6% -5.1% -3.1%
Manufacturing 1.3% 2.6% 15.0% 1.9% 11.7%
--food, beverages and tobacco -0.2% -2.0% 3.9% -1.1% -1.1%
--textiles, apparel, leather and related products 17.4% 4.0% 21.7% 10.7% 18.0%
--wood and paper products, printing 0.8% 3.9% -7.7% 2.3% 0.1%
--coke and refined petroleum products -20.6% -8.6% -12.1% -14.3% -10.3%
--chemicals and chemical products -10.8% -7.6% 2.2% -9.2% -4.5%
--pharmaceuticals, medicinal chemical and botanical products -20.0% -26.2% -8.8% -23.2% -11.0%
--rubber, plastics and other non-metallic mineral products -1.0% -1.5% 7.3% -1.2% 1.8%
--basic and fabricated metal products, except machinery and equipment -2.7% 4.8% 11.6% 1.1% 6.3%
--computers, electronics and optics -4.6% -22.1% 3.2% -14.7% 17.3%
--electrical equipment 30.2% 0.0% 19.6% 15.4% 10.3%
--machinery and equipment 0.6% 3.1% 19.3% 1.8% 12.8%
--transport equipment 8.3% 15.1% 23.7% 11.4% 26.0%
--other manufacturing, repair and installation of machinery and equipment -25.2% -11.8% 55.7% -19.4% 10.0%
Electricity, gas, steam and air conditioning supply 1.5% 6.0% -23.3% 3.8% -9.5%
Source: Statistical Office of the Slovak Republic          

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