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|
|--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%|
|--machinery and equipment||2.7%||10.9%||7.3%||12.3%|
|--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%|
|Source: Statistical Office of the Slovak Republic|
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