Slovak industrial sales growth ticks up to 4.4% y/y in February 2014

By bne IntelliNews April 11, 2014

Slovak industrial sales increased for the sixth month in a row in February 2014 and at a slightly faster pace than in January, data from the statistics office showed. Sales in the second month of 2014 increased by 4.4%, up from a 4.3% y/y growth the month before.

The February increase was underpinned mainly by an 8.3% rise in the manufacturing sector and a 7.5% hike in water supply sector. Sales in the mining sector fell by 4.3% y/y, while the utilities sector posted a 13.5% drop.

The auto manufacturing sector (which accounts for more than a quarter of total industrial sales) reported an 8.8% annual growth in February sales, easing from a 13.9% y/y hike in the previous month. Sales of computers, electronics and optics (another important driver of the country’s export-oriented industrial sector) rose by 23.1% y/y, speeding up from 15.8% in January.

On a seasonally adjusted basis, the industrial sector turnover in February fell by 1.5% m/m, following a 1.5% rise in the previous month.

IntelliNews comment: Slovakia’s industrial sales have been rising for six consecutive months, a trend expected to continue throughout 2014 helped by the rising foreign demand. Slovak industrial sales rose 0.5% y/y in 2013, easing from a 6.2% expansion in 2012 mainly due to faltering demand from abroad. Last year, the sales of computers, electronics and optics fell by 4% y/y, while the automotive industry posted a 5.9% annual growth.

y/y change Feb-14 Jan-14 Feb-13 2013, y/y change
INDUSTRIAL SALES 4.4% 4.3% -4.9% 0.5%
Mining -4.3% 0.2% -13.6% -4.6%
Manufacturing 8.3% 8.0% -2.4% 2.2%
--food, beverages and tobacco -7.8% -4.0% -2.7% -2.4%
--textiles, apparel, leather and related products 7.5% -0.9% -4.8% -1.8%
--wood and paper products, printing -2.0% 2.4% -0.8% 0.6%
--coke and refined petroleum products 7.3% -9.3% -8.6% 4.9%
--chemicals and chemical products 4.1% -2.5% -29.8% -23.8%
--pharmaceuticals, medicinal chemical and botanical products -30.8% -14.8% -16.7% -30.7%
--rubber, plastics and other non-metallic mineral products 17.1% 10.1% -2.2% 0.7%
--basic and fabricated metal products, except machinery and equipment 8.2% 5.8% -2.5% 2.1%
--computers, electronic and optical products 23.1% 15.8% -10.8% -4.0%
--electrical equipment 19.7% 14.2% 4.8% 18.3%
--machinery and equipment 2.7% 10.9% 7.3% 12.3%
--transport equipment 8.8% 13.9% 3.0% 5.9%
--other manufacturing, repair and installation of machinery and equipment 6.9% 5.3% -13.0% -0.6%
Electricity, gas, steam and air conditioning supply -13.5% -11.2% -15.2% -8.5%
Water supply 7.5% 7.1% 2.1% 5.0%
Source: Statistical Office of the Slovak Republic        

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