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|
|--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%|
|--machinery and equipment||10.9%||11.8%||6.2%||12.3%|
|--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%|
|Source: Statistical Office of the Slovak Republic|
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