Slovak industrial sales increased for the fifth month in a row in January 2014 albeit at a weaker pace than in December, data from the statistics office showed. Sales in the first month of 2014 increased by 4.3%, easing from a revised growth of 5.8% y/y the month before.
The January increase was underpinned mainly by a 8% rise in the manufacturing sector and a 7.1% hike in water supply sector. Sales in the mining sector also edged up by 0.2% y/y, while the utilities sector posted an 11.2% drop.
The auto manufacturing sector (which accounts for more than a quarter of total industrial sales) reported a 13.9% annual growth in January, slowing down from a revised 26.6% y/y in the previous month. Sales of computers, electronics and optics (another important driver of the country’s export-oriented industrial sector) rose by 15.8% y/y, following a revised 9% annual decline in December.
On a seasonally adjusted basis, the industrial sector turnover in January rose by 1.5% m/m, following a 3.2% decline in the previous month.
IntelliNews comment: Despite the fact that Slovakia’s industrial sales grew at a weaker pace in January, we expect the growth to strengthen in the next months helped by a stronger 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 | Jan-14 | Dec-13 | Jan-13 | 2013, y/y change |
INDUSTRIAL SALES | 4.3% | 5.8% | 0.2% | 0.5% |
Mining | 0.2% | 0.9% | -2.2% | -4.6% |
Manufacturing | 8.0% | 10.4% | 1.9% | 2.2% |
--food, beverages and tobacco | -4.0% | 0.4% | 8.1% | -2.4% |
--textiles, apparel, leather and related products | -0.9% | -1.7% | 3.8% | -1.8% |
--wood and paper products, printing | 2.4% | 6.4% | 1.9% | 0.6% |
--coke and refined petroleum products | -9.3% | 1.9% | -6.4% | 4.9% |
--chemicals and chemical products | -2.5% | -25.5% | -25.6% | -23.8% |
--pharmaceuticals, medicinal chemical and botanical products | -14.8% | -58.1% | -19.3% | -30.7% |
--rubber, plastics and other non-metallic mineral products | 10.1% | 11.6% | -5.9% | 0.7% |
--basic and fabricated metal products, except machinery and equipment | 5.8% | 12.2% | 4.8% | 2.1% |
--computers, electronic and optical products | 15.8% | -9.0% | -22.8% | -4.0% |
--electrical equipment | 14.2% | 36.9% | 10.0% | 18.3% |
--machinery and equipment | 10.9% | 11.8% | 6.2% | 12.3% |
--transport equipment | 13.9% | 26.6% | 15.5% | 5.9% |
--other manufacturing, repair and installation of machinery and equipment | 5.3% | 13.6% | -1.7% | -0.6% |
Electricity, gas, steam and air conditioning supply | -11.2% | -9.8% | -6.8% | -8.5% |
Water supply | 7.1% | 16.2% | 6.2% | 5.0% |
Source: Statistical Office of the Slovak Republic |
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