Slovak industrial sales rise 4.3% y/y in January 2014

By bne IntelliNews March 13, 2014

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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